The status quo ante.

We are back to where we were in 2008 in terms of our economy according to the International Monetary Fund (IMF). 'Why has it taken so long'? This has been the cry of Ed Balls the shadow Chancellor of the Exchequer. This is the longest recession since records began over 100 years ago and far deeper than the 'great depression' in the 1930's - but due of the Welfare State the terrible casualties have been less this time. Nevertheless there have been many that have lost their jobs, homes, their lives and self esteem during this crucifying period of economic decline. We in the UK have done relatively well and better than many other economies in the Euro zone where youth unemployment in places like Spain, Portugal and Greece have been at record levels. There were fears over this period that the political fallout could spark more serious 'social unrest'. There has been some especially in Athens, but not nearly as much as the politicians in Brussels thought there might be. With our economy predicted to grow this years in access of 3.2 % and next year by a similar amount we are the fasted growing economy of the G7 countries out stripping the US and Germany. Some have suggested that the changes in the structural economy introduced by the Thatcher government and built on by the Blair one has helped us to be more responsive to the changes and vicissitudes of the modern fast changing economic climate, that and globalization has made us more 'nimble' in our reactions to these changes of tempo. Long may it continue.