The run of good news for the Tories on the economy has continued with today’s GDP figures. Growth was 0.8 per cent in quarter one of this year (and 3.1 per cent year-on-year), the fifth successive increase and the longest period of continuous expansion since the crash. The economy is now finally within touching distance (0.6 per cent) of exceeding its pre-recession peak with the right poised to boast that Britain is “bigger than ever”. But before hanging out the bunting, recall that GDP per head is still almost 7 per cent lower than in 2008 and that the US, which avoided many of George Osborne’s mistakes, is 6.3 per cent larger.
The UK is on track to be the fastest-growing economy in the G7 this year and to surpass France as the world’s fifth biggest economy. But again, recall that growth of 1.8 per cent is needed each quarter between now and the election to match the level predicted by the OBR in autumn 2010.
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