The UK’s growth forecast was downgraded by the OECD this morning. That’s not particularly surprising – our growth forecasts only seem to go one way – but compared to how the US is performing post financial crisis, the forecasts are stark. Let’s first take a look at the difference in OECD growth forecasts:
That’s the difference between a US economy which had a substantial stimulus, and a UK economy which has leaped headlong into austerity. The impact on unemployment is even more pronounced:
Osborne isn’t working. Obama is.
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