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"I have to admit I was wrong in claiming that the recovery that has occurred under the Coalition is the slowest and worst in one hundred years. I should have said worst in 314 years. I severely understated how bad things have actually been. The editor of The Spectator, Fraser Nelson, pointed out to me that I hadn’t studied historical precedent adequately and was severely understating how bad the recession really has been.
"It is without historical precedent. Fraser pointed me to a series published by the Bank of England which provides data on real GDP back to 1700, and guess what? He was right. It is now clear that George Osborne is responsible for the worst recovery in three hundred years of recorded history. Celebrate? I don’t think so.
"So let’s look at the data starting with the 20th century, and then we will look at the 19th and 18th centuries as well as other countries. The first chart shows the length of time it takes in months to restore lost output in the six main recessions of the 20th century: 1920-24, 1930-34, 1973-76, 1979-83, 1990-93 and 2008-2014."
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