George Osborne fails on his own terms.
“You have to look at the performance of the UK economy compared to other large western economies”
– George Osborne, interview with Sky News, 25 April 2013
Yes, George. That’s exactly what you have to do.
In the last 12 months the US economy has grown by 1.8 per cent compared to the UK’s 0.6 per cent.
Since the government’s ‘Emergency’ Spending Review in October 2010, the UK economy has grown by just 1.1 per cent – compared to the 6 per cent forecast by the Office for Budget Responsibility at the time. Between then and Q1 2013 the USA has grown by more than four times that amount – 4.9 per cent (and advance estimate of the first quarter of 2013 has GDP up 2.5%).
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