Growth is slowing down. Official figures have reduced the expected growth in the UK economy this year by 0.2% while keeping next year's figures the same at 2.5% It looks as though the economic recovery is stalling. Despite this, teh recent visit of the IMF was supportive of George Osborne's policies and dismissive of Labour's plans. The reason given was that the setbacks that have taken place this year are temporary ones. Four have been identified. Oil prices have risen because of the turmoil in North Africa, the Japanese earthquake has caused a breakdown of manufacturing supply chains, the Greek crisis has renewed the threat to the European financial systemhas and the European Central Bank’s has decided to start raising interest rates somewhat prematurely.
The Greek crisis seems to have settled again and Spain has not joined teh failed economies, quite, Japanese parts are signaled to start moving shortly and Saudi Arabia seems secure so that OPEC are talking about switching on the oil again.
It is going to be a long slow recovery but 20 years from now it will be seen as a blip.
Meantime over 400,000 new jobs have been created in the private sector in the past year.