Over at the Spectator’s Coffee House Blog Isabel Hardman argues that those playing ‘Oborne bingo’ at today’s Autumn Statement would do well to pick ‘global race’.
It’s also worth noting that both the Chancellor and the Prime Minister’s official spokesman have been using the phrase ‘global race’ in their briefings about the Autumn Statement. Britain’s positioning in the world will be a key theme over the next couple of years as CCHQ turns on to an election footing: those working in campaign headquarters are already sick of the phrase, which shows how important it is. If you’re playing one of the many ‘Osborne bingo’ games today as you watch his statement, you could do worse than to place your bets on ‘global race’ cropping up. The Chancellor today will be running his own race to persuade voters that the Tories are the ones to trust on the economy, and to persuade colleagues to continue to back him.
So, if this are the terms in which the Chancellor wants us to see the UK economic policy debate, the natural question is, “how well in this UK doing in the global race?”
The data below is all from the IMF’s World Economic Outlook database and is calculated by showing total growth from 2010 to 2012 (with 2012 being the IMF’s most recent forecast).
The UK is currently 158th out of 184 countries with total growth over 2010, 2011 and 2012 of just 2.2%, compared to say 8.2% for Germany, 7.7% for Canada, 6.5% for the USA, 6.0% for Japan or 3.5% for France.
Indeed the only G7 country doing worse is crisis hit Italy.
If I was the Chancellor, I’m not sure I’d be so keen to draw attention to this…
(Syria and South Sudan excluded due to lack of forecast data)