The chancellor can point to growth and lower inflation, but weak job data, flat living standards and uncertain productivity are no reason to cheer
In October 1991, the then chancellor Norman Lamont said he thought he saw some “green shoots” of recovery. He was ridiculed, as Britain was in the midst of a deep recession that it would not clamber out of until the following summer. Insouciant in the face of the scorn heaped upon him, Mr Lamont defended himself robustly, even long after the event – not least by writing letters to this newspaper. Despite this valiant defence, “green shootism” became notorious because it suggested a ruling class that was congratulating itself well before ordinary people felt a recovery.
This has not stopped politicians since 2010 from claiming that Britain was bouncing back from the series of shocks it has experienced. After austerity had produced economic stagnation, George Osborne, the Tory chancellor in 2013, seized on a few quarters of growth to claim Britain was “turning a corner”. Just months before the 2024 general election, Rishi Sunak, the Conservative prime minister, said that the country was starting to see the “green shoots” of recovery. Voters resoundingly rejected that claim when Labour was elected in a landslide.
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Continue reading…The chancellor can point to growth and lower inflation, but weak job data, flat living standards and uncertain productivity are no reason to cheerIn October 1991, the then chancellor Norman Lamont said he thought he saw some “green shoots” of recovery. He was ridiculed, as Britain was in the midst of a deep recession that it would not clamber out of until the following summer. Insouciant in the face of the scorn heaped upon him, Mr Lamont defended himself robustly, even long after the event – not least by writing letters to this newspaper. Despite this valiant defence, “green shootism” became notorious because it suggested a ruling class that was congratulating itself well before ordinary people felt a recovery.This has not stopped politicians since 2010 from claiming that Britain was bouncing back from the series of shocks it has experienced. After austerity had produced economic stagnation, George Osborne, the Tory chancellor in 2013, seized on a few quarters of growth to claim Britain was “turning a corner”. Just months before the 2024 general election, Rishi Sunak, the Conservative prime minister, said that the country was starting to see the “green shoots” of recovery. Voters resoundingly rejected that claim when Labour was elected in a landslide.Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here. Continue reading…
