Comment of the Day – British economy faces years of pain by Allister Heath in City AM

It is good news that we are out of recession at last. But the last year and a half has been grim. Our recession lasted longer than our main competitors: six quarters, against four. The scale of our collapse – we shrunk by 6 per cent – was much greater than in America (down 3.8 per cent) or France (down 3.5 per cent) but not as bad as Germany (down 6.7 per cent) or Japan (down 8.6 per cent). The UK was the only G7 country to stay in recession in the third quarter of last year and lagged the US, Euro area and Japan in the fourth quarter. We got the least bang for our buck when it comes to spending taxpayers’ money, monetary activism and currency depreciation. Read in full at City AM.

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