Despite all the blather about recovery, green shoots and so on, Britain’s GDP is still 3.9 per cent below what it was in 2008. The 2007-08 crisis caused a fall in GDP of 7.2 per cent. So we are years away from recovery, at the most optimistic.
Since 2010, the economy has only grown by 1.1 per cent. Industrial production is down almost 15 per cent from its 2008 level, construction output down almost 20 per cent, and private business investment down 9 per cent. ■