We’ve just had another disappointing year of sub-3pc growth in world output, with a slowdown in emerging markets piling in on top of a still deeply impaired performance among the advanced economies.
Amid the gloom, the UK sticks out as a notable bright stock, albeit one that outsiders are faintly puzzled by. Nobody has a good explanation for the sharp UK pickup, other than the Chancellor himself, who naturally puts it down to his policies.
Believe it if you will. Yet it has given some reason for hope; if the UK can come bouncing back in the way we are seeing, then other economies can surely manage it too.
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