George Osborne is given a tour of the production line at Bentley Motors on December 4, 2014 in Crewe. Photograph: Getty Images.
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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.

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. 

George Eaton is political editor of the New Statesman.

Photo: Getty Images/Christopher Furlong
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A dozen defeated parliamentary candidates back Caroline Flint for deputy

Supporters of all the leadership candidates have rallied around Caroline Flint's bid to be deputy leader.

Twelve former parliamentary candidates have backed Caroline Flint's bid to become deputy leader in an open letter to the New Statesman. Dubbing the Don Valley MP a "fantastic campaigner", they explain that why despite backing different candidates for the leadership, they "are united in supporting Caroline Flint to be Labour's next deputy leader", who they describe as a "brilliant communicator and creative policy maker". 

Flint welcomed the endorsement, saying: "our candidates know better than most what it takes to win the sort of seats Labour must gain in order to win a general election, so I'm delighted to have their support.". She urged Labour to rebuild "not by lookin to the past, but by learning from the past", saying that "we must rediscover Labour's voice, especially in communities wher we do not have a Labour MP:".

The Flint campaign will hope that the endorsement provides a boost as the campaign enters its final days.

The full letter is below:

There is no route to Downing Street that does not run through the seats we fought for Labour at the General Election.

"We need a new leadership team that can win back Labour's lost voters.

Although we are backing different candidates to be Leader, we are united in supporting Caroline Flint to be Labour's next deputy leader.

Not only is Caroline a fantastic campaigner, who toured the country supporting Labour's candidates, she's also a brilliant communicator and creative policy maker, which is exactly what we need in our next deputy leader.

If Labour is to win the next election, it is vital that we pick a leadership team that doesn't just appeal to Labour Party members, but is capable of winning the General Election. Caroline Flint is our best hope of beating the Tories.

We urge Labour Party members and supporters to unite behind Caroline Flint and begin the process of rebuilding to win in 2020.

Jessica Asato (Norwich North), Will Straw (Rossendale and Darween), Nick Bent (Warrington South), Mike Le Surf (South Basildon and East Thurrock), Tris Osborne (Chatham and Aylesford), Victoria Groulef (Reading West), Jamie Hanley (Pudsey), Kevin McKeever (Northampton South), Joy Squires (Worcester), Paul Clark (Gillingham and Rainham), Patrick Hall (Bedford) and Mary Wimbury (Aberconwy)

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.