UK recovery? What UK recovery?
A second look at fourth-quarter economic growth figures for Britain confirmed that recovery is under way. The quarter-on-quarter rate was Â 0.7 percent, unchanged from a preliminary estimate. Year-on-year was knocked down slightly.
But no matter the improvement over the past few quarters, Britainâ€™s recent renaissance is pretty slow and still a long way off actual recovery. Consider the graphs below. The top one illustrates how large the dip has been since 2008 versus recession from Â 1955. The second illustrates how the current 28 and counting quarters of economic slide and crawl back Â compare with, say, 12 after 1973 or 11 after 1990.