The UK economy is smaller today than it was when the coalition took office, and has declined 0.8 per cent over the last year. The fall was broad-based with declines in all three sectors. The biggest drop was in construction, which has fallen 10 per cent over the last two quarters. Production was down by 1.3 per cent, making it the third negative quarter in a row for the sector. The decline in output this year is broadly consistent with the weakening picture from business surveys, which show no sign of rushing out to invest as Chancellor George "Slasher" Osborne had hoped. For example, the latest ICAEW/Grant Thornton UK Business Confidence Monitor, out on Friday, fell to +1.1 from...
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