Yet there are also key differences which set the British version of austerity, such as it is, apart from the sort of self-defeating fiscal consolidation we are seeing in the eurozone. This is now unambiguously apparent in the data. Revisions to UK GDP published on Wednesday show that last year the UK economy grew 0.3pc, and actually quite a bit more if you ignore disruptions to production of North Sea oil. It now appears that onshore Britain never had a double-dip recession. Unemployment is also falling, with substantial private sector job creation.