This morning's FT has a brilliant graph showing how each successive reassessment of the economy predicts the recovery will take longer to take hold.
We won’t know pass the previous peak until 2015. At best.
The UK economy is the same size as it was a year ago and is now 3.1 per cent below its pre-crisis peak. In the two years since the spending review the UK economy has grown by just 0.6 per cent, compared to the 4.6 per cent forecast by the OBR in the autumn of 2010.
In the same period (though excluding the third quarter of 2012 where figures are not yet available), the USA has seen growth of 3.4 per cent and Germany 3.3 per cent. Britain was just one of two G20 countries to go into a double-dip recession this year.