This table shows the yields from the UK and some nearby countries' government ten-year bonds, both as they were at the time the Coalition Government took over in this country and as they are now...
It is interesting to note that they were all three-point-something back in May 2010, with the UK the highest at 3·97%, and now the UK is the lowest at less than half that percentage.
This shows that we (and the Netherlands) are considered to be dependable by the international markets and can be trusted to repay our debts. In turn that reduces our interest payments, helping bring the national debt situation under control.
We are still in the deceleration stage, with news today that the deficit (the rate of worsening of our debt, if you like) is now significantly lower than it would have been if Labour had still been running things – a full 25% lower, in fact.
Although it isn't quite as simple as that, and there are also the various traps and fait accompli engineered by Gordon Brown that will continue to have an impact on our attempted recovery for some years to come, there can now be little doubt that Britain is at last unambiguously on the road to (eventual!) recovery.
Those of us who went through the 'eighties will recall the similar pattern that lesser situation followed, then as now taking a number of years to fully turn around. This time, it's considerably worse, as has been well reported during the past two years or more, though some seem to have forgotten since then.
Well, I for one haven't, and am watching our progress. It's slower than it might have been, owing to (a) compromises to ensure Lib Dem MPs' support and (b) the Eurozone crisis that is having some fairly serious knock-on effects for us here in Britain. We'll get there, though, and it is obvious that external observers and the like are confident too, including the various ratings agencies.