The US economy is still smaller than it was in 2007, even after the $16 trillion bailout of US and foreign banks. In June 2007, 63 per cent of adults were in work; in June 2009, 59.4 per cent; in June 2011, just 58.2 per cent.
Britain’s GDP is still 4 per cent down from 2008. Manufacturing output is down for the third month running, and is still 3.6 per cent down from 2008. Britain’s nominal manufacturing output has been stagnant for the past 13 years, representing a cut in real terms of £3.5 billion a year and a 30 per cent loss of capacity since 1997. Meanwhile, the trade deficit in goods is a record £97.2 billion. ■