Coalition government ministers purr with satisfaction if not excitement over the economy reaching 0.8% growth in the second quarter of 2014 to regain 2008 levels (Report, 26 July). Is nobody going to make a comparison with 2010?
Office for National Statistics figures show that for the third quarter of 2010 (the last over which Labour can claim any significant influence) growth had reached around 1%. Within three years of the start of the financial crisis Labour had restored growth.
The coalition’s excessive austerity plunged the country back into recession followed by several years of flat-lining. Growth has returned in spite of, not because of, the government. Such “plans” as the government had were abandoned as £375bn of quantitative easing (which no one condemned as the equivalent of printing money) was pumped into the economy.
Other direct interference in the beloved free markets could also have been put to better use than stoking the London and south-east property boom.
Note: you can read Nigel’s letter online at the Guardian website.