Britain’s economy has finally returned to the size it was before the financial crisis of 2008. David Cameron and George Osborne have been claiming that this is all down to their genius economic policies. But as always there’s a lot they didn’t say.
David Blanchflower, professor of economics at Darmouth College, has shown that the Tories have overseen the slowest recovery since the South Sea Bubble more than 300 years ago.
And Ben Chu, the economics editor of the Independent, has shown that most of our G7 rivals had recovered the lost ground by early 2011.
Only for the rich
The latest report by Inequality Briefing shows that incomes increased for the richest in 2013, but fell for everyone else. Incomes for the top fifth grew by £940. For everyone else they fell by £250. And for the poorest fifth they fell by £381.
No wonder the old Etonians in the cabinet look so pleased with themselves.
- Britain has taken longer to recover from recession than at any time since the South Sea Bubble, David Blanchflower
- August 2014 GDP estimates, National Institute of Economic and Social Research
- The UK recession in context — what do three centuries of data tell us?, Bank of England
- Here’s Britain’s “top of the world” GDP performance in the appropriate context, @BenChu_
- Briefing 42: Incomes increased for the richest last year, but fell for everyone else, Inequality Briefing
- The Effects of Taxes and Benefits on Household Income, 2012/13, Office of National Statistics