Show Hide image The Staggers 23 December 2014 Fastest US growth for 11 years spoils Osborne's boast The Chancellor can no longer declare that the UK is the fastest growing major economy. Print HTML One of George Osborne's favourite boasts is that the UK is "the fastest growing of any major advanced economy in the world" (as declared in the second line of his Autumn Statement). That was true at the time, with Britain growing at an annual rate of 3 per cent, but revisions today have spoilt the Chancellor's brag. Earlier today, the ONS downgraded year-on-year growth in the UK from 3 per cent to 2.6 per cent, leaving Britain behind Australia and the United States. Now, just to sharpen the contrast, annual US growth in Q3 has been revised up to 5 per cent: the fastest rate for 11 years and comfortably ahead of the 2.8 per cent posted by the UK over the same quarter. It's true, of course, that the UK has suffered more than its competitors from the stagnation of the eurozone (net trade is down) but Osborne can't make the comparison in good times and then reject it in bad times. And while US GDP is now 8.9 per cent above its pre-recession peak, the UK's is just 2.9 per cent above. After this, and Labour's blindsiding of him on spending cuts, the Chancellor would be wise to return a more humble figure in the new year. › Merry Christmas to all our readers (and some nerdy news and stats about this website) George Eaton is political editor of the New Statesman. From only £1 a week Subscribe More Related articles Autumn Statement 2015: George Osborne abandons his target We don't need to build more prisons - we need to send fewer people there Can Trident be hacked?