The UK economy hasn't grown more than the US

The US has grown by 2.3 per cent in the last year, while the UK has remained flat.

The final set of US growth figures before the presidential election were released today, showing that the economy grew at an annual rate of 2 per cent in the third quarter or a quarterly rate of 0.5 per cent. The Tories, unsurprisingly, are keen to point out that that's a worse performance than the UK, which, as we learned yesterday, grew at a quarterly rate of 1 per cent in Q3.  But they would be wise not to invite too much comparison of the UK and US economies.

First, while the US has grown by 2.3 per cent over the last year, the UK economy has failed to grow at all. As the Office for National Statistics reported yesterday: "GDP in volume terms was estimated to have been flat in Q3 2012, when compared with Q3 2011".

Second, while the US economy is now 2.3 per cent above its pre-recession peak, the UK remains 3.1 per cent below. The US has grown for 13 consecutive quarters, but we've only just recovered the output lost in the double-dip recession (a fate that the US, partly thanks to a policy of stimulus, rather than austerity, avoided). As a result, while they've grown by 3.9 per cent over the last two years, we've grown by just 0.6 per cent.

Finally, since the UK Q3 figure was artificially inflated by the bounce-back from the extra bank holiday in June (responsible for around half of the 1 per cent growth) and the inclusion of the Olympic ticket sales (responsible for 0.2 per cent), it's foolish of the Treasury to cite it as proof that we're "on the right track". Indeed, as I wrote yesterday, a significant number of forecasters believe it's possible or even probable that the economy will shrink in quarter four. Rather than complacently boasting about a one-off surge in growth, the Tories should be acting to prevent a triple-dip recession.

The US economy is now 2.3 per cent above its pre-recession peak, while the UK remains 3.1 per cent below. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

A second referendum? Photo: Getty
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Will there be a second EU referendum? Petition passes 1.75 million signatures

Updated: An official petition for a second EU referendum has passed 1.75m signatures - but does it have any chance of happening?

A petition calling for another EU referendum has passed 1.75 million signatures

"We the undersigned call upon HM Government to implement a rule that if the remain or leave vote is less than 60% based a turnout less than 75% there should be another referendum," the petition reads. Overall, the turnout in the EU referendum on 23 June was 73 per cent, and 51.8 per cent of voters went for Leave.

The petition has been so popular it briefly crashed the government website, and is now the biggest petition in the site's history.

After 10,000 signatures, the government has to respond to an official petition. After 100,000 signatures, it must be considered for a debate in parliament. 

Nigel Farage has previously said he would have asked for a second referendum based on a 52-48 result in favour of Remain.

However, what the petition is asking for would be, in effect, for Britain to stay as a member of the EU. Turnout of 75 per cent is far higher than recent general elections, and a margin of victory of 20 points is also ambitious. In the 2014 independence referendum in Scotland, the split was 55-45 in favour of remaining in the union. 

Unfortunately for those dismayed by the referendum result, even if the petition is debated in parliament, there will be no vote and it will have no legal weight. 

Another petition has been set up for London to declare independence, which has attracted 130,000 signatures.