A second look at fourth-quarter economic growth figures for Britain confirmed that recovery is under way. The quarter-on-quarter rate was 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, Britain’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 1955. The second illustrates how the current 28 and counting quarters of economic slide and crawl back compare with, say, 12 after 1973 or 11 after 1990.