Matthew

This is a bit deep, but we'll try learning by numbers:

1) Stripping out oil and construction
These are not major sectors of the economy, and are noted for their volatility. Construction accounts for 6% of GDP, with the vast majority of people being employed by manufacturing and services. The construction figures have attracted controversy, because of accounting changes. Oil production may have peaked in 1999; but has suffered from specific problems recently, including maintenance issues. Clobbering the industry with higher taxes has also reduced investment.

Oil and construction are regularly excluded from the figures, in order to see the underlying strength of the economy. Independent commentators have recently done this. (see BBC's Stephanomics blog). You can't accuse Auntie of altering the figures to fit a pro austerity narrative.

2) Oil funded unemployment in the 1980s
Unemployment tripled all over the world in the 1980s; including in socialist France, which hadn't struck oil. Thatcher's bust was a necessary corrective to decades of avoiding recession, and ended 100 years of relative economic decline. (academic consensus, Crafts et al) From sick man of Europe to productivity on a par with Germany by 1987. (TFP5, manufacturing)

3) Cuts have killed Labour's recovery
Labour's recovery was fake, like much of their growth in the naughties. 2009-10 was based on frenetic restocking following the recession, and a construction boom. The latter was unsustainable, and has subsequently unwound.

Stop obsessing about the quantity of cuts, and consider the quality. Labour would have cut capital spending more, certainty with regard to infrastructure projects. (see Darling plan) This would have exacerbated the inevitable double dip.

NB: STATE SPENDING HAS BOOSTED GROWTH FOR THE LAST 18 MONTHS, AND HAS RISEN IN REAL TERMS. Even excluding benefits, which had to rise in line with inflation; core spending is stable. (ONS) So much for savage cuts! Relatively high inflation, and the EZ crisis are the major drags on UK growth. You can't blame cuts!

4) No growth
Growth is a crude indicator, with much of Labour's having been based on debt and state spending. If you look beneath the surface; there is rebalancing, which is building the foundations of future prosperity. Growth forecast have been downgraded all over the world, even in countries that have avoided cuts.

NB: WE ARE FORECAST TO GROW FASTER THAN SO CALLED MODEL ECONOMIES LIKE GERMANY. (NEXT YEAR)

YOU'VE NOT GOT A LEG TO STAND ON!