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For all the fanfare of hosting this week’s G8 summit, the UK remains locked in a dire economic predicament. For all our gloating at the Eurozone, Britain’s national income is still well below its 2008 peak.

Other “leading” Western economies are performing much better. While Germany and the US are also yet to stage a truly convincing recovery, the GDP of both is now well above pre-crisis levels. Yet the UK’s nominal GDP remains 4pc below where it was at the time of the 2008 Lehman collapse.

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