The British economic recovery, in 12 graphs

Everything seems to be falling into place ahead of the election for the Tories. Today’s data shows high street spending rising at the fastest rate for more than 13 years – and this is not a freak. In fact, it’s part of a broader picture which is more impressive (and promising) than George Osborne seems to realise. The Chancellor is a wee bit slow off the mark when it comes to recognizing the radical effect of his own tax cuts. He is still banging on about fiscal position when the consumer story is the one he should be telling. Here’s why:

1. Shops are busier than ever. Brits spent £331bn in the shops in 2014 (excluding fuel) – more than they’ve ever spent before. And sales were up 2.3 per cent in the last quarter – that’s the fastest rate of increase in more than ten years. Here’s the graph, from CitiGroup, published today:-

2. More people are in work than ever – so the population of earners is at an all-time high.