(Photo: Luke MacGregor/Bloomberg)
As recently as late November, UK Chancellor of the Exchequer George Osborne was extolling the superiority of Britain’s post-crisis recovery; economic growth since 2010 “three times faster than Japan … faster than Germany and at the same rate as the United States.”
Osborne made the statement as part of the UK’s Autumn Spending Review, in which he reiterated a pledge to bring the government’s finances into surplus by the end of the 2020 fiscal year.
What a difference a month makes. Last week, third quarter growth was revised lower by a tenth of a percentage point to just 0.4%, or by 2.1% over the same period of 2014. For those keeping score, the Japanese economy expanded by 0.3% between the second and third quarters, matching the rate of German growth.
The original article can be found at www.forbes.com