POLITICS

The Graph Osborne Doesn't Want You To See On Britain's Recovery

02/07/2014 13:26 BST | Updated 02/07/2014 13:59 BST
Andrew Cowie/WPA-Rota
Chancellor of the Exchequer, George Osborne at a Global Economy Roundtable in Downing street in central London

George Osborne has been very proud about his economic management, boasting that his cuts have helped secure Britain's economic recovery.

Speaking in April, the Chancellor told an American audience that a 'credible" cuts programme was a "necesssary precondition for sustainable economic recovery".

He added: "The pessimistic predictions that fiscal consolidation was incompatible with economic recovery have been proved comprehensively wrong by events."

But why do his other colleagues disagree, like former Tory chancellor Ken Clarke, who warned that "real people" had yet to feel the economic recovery?

The answer is shown by this graph from the Office for National Statistics, which charts how Britain's overall wealth is inching towards its pre-recession peak, while individual Britons' share of the country's wealth has barely improved.

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Thanks to Britain's growing population, Osborne is able to boast about Britain's rising gross domestic product (GDP), while glossing over the lackluster growth in the country's GDP per capita.

In further news that Osborne would not rush to mention, his predictions on when Britons would enjoy as great a share of the country's wealth as before the recession have proved hideously optimistic.

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