Graph: Another year, another reassessment, a longer wait to pass the pre-crash peak


 

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:

BoE-forecasts-for-growth
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.

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  • LB

    Too much tax.

    Too much government borrowing – so not enough available for business.

    Too many low skilled migrants competing against the unemployed.

    Too many low skilled migrants not paying enough tax.

  • Newsbot9

    That’s right, too much high return welfare spending on people and not enough low return corperate welfare spending. Etc.

    Given your program is too kill off the poor and replace them with immigrants…