Here's Why George Osborne Shouldn't Brag About The UK Recovery (GRAPH)
This Graph Shows Why Osborne Shouldn't Brag About The UK Recovery
Asa Bennett— The Huffington Post UK
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Britain's Treasury chief George Osborne speaks at a Institute of Sydney event during the G20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Friday, Feb. 21, 2014.(AP Photo/Rob Griffith)
The Office for National Statistics' latest figures out today reveal that the UK is enjoying one of the fastest rates of economic growth in the G7 nations.
However, the Chancellor may have limited good news to boast about as the ONS also charted how Britain is still lagging behind all the rest of its G7 cousins, with the exception of Italy.
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The UK looks to be still behind Japan, France, the U.S, Germany and Canada
"In the decade prior to the economic downturn, UK annual real GDP compared favorably with other G7 economies, averaging 3.2% compared with a G7 average of 2.5%," the ONS said.
"However, following the 2007 global financial market shock, UK real GDP fell by 7.2% between the beginning of 2008 and the middle of 2009, the joint second largest fall in the G7. "
The ONS also adds that the UK's real GDP - adjusted for inflation - "increased by just 1.2% per annum between 2009 and 2013, the third lowest rate in the G7".
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This is still the slowest recovery in 100 years(01 of09)
We may have reached our pre-recession peak, but the US, which focused on growth as well as deficit reduction, is already 6.3% above where it was in 2008.
You're still worse off than back in 2008(03 of09)
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Portes said: "What really matters is how rich we are - per capita GDP - and that's well below the level of 2008 and won't get back to its previous level for a couple of years."As the picture for GDP per capita, charting individual output per person, Britain is lagging behind France, Germany, Japan and the US and is nowhere near where it was back in 2008.
Your pay won't be back to normal for years(04 of09)
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As NIESR director Jonathan Portes told BBC Radio 4's Today programme: "Real wages - take-home pay deflated by inflation - is about 6% lower than it was then and won't get back to its previous 2008 peak before, we reckon, another three or four years."
Only people with bonuses are enjoying rising pay packets(05 of09)
Osborne will keep struggling to get us exporting (08 of09)
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Despite Osborne warning in his Budget that he wants businesses to export more, the OBR predicts that the UK's exports will still fail to make a net contribution to the country's growth. It said: "Net trade is expected to make little contribution to growth over the remainder of the forecast period, reflecting the weakness of export market growth and a gradual decline in export market share."
Osborne is borrowing more in 5 years than Labour did in 13(09 of09)