Before we all get whipped up into a lather of patriotic fervour about the EU and our waning influence on events it is worth a little sober reflection on just how weak the UK economy really is.
One of the key criteria proposed by the deal Cameron rejected was that the Government deficit should remain below 3%. For any country seeking to join the Euro, this would be a core provision.
Remember the PIGS (Portugal, Italy, Greece & Spain)? According to the right wing press these are all considerably worse economies than good old Blighty.
The chart uses OECD data to plot the path of deficits amongst the PIGS, the UK and the Eurozone average historically and going forward.
Clearly, Greece was struggling up to 2009, but look who is the worst performer going forward!
I fear the game may be up for the UK economy.
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