Does his matter, well yes it does if it means that our competitiveness is the reason for this slide.
The people one the bridge of state have been asleep.
I suppose it makes it harder for us Eurosceps to argue we can remain fully independent in a global economy. We have often used the arguement that we are the world's 4th biggest economy. Well we can say that no longer.
I can see the Millibrown saying, "It's good news really. If we have screwed us as badly as they say then nobody can argue for independence".
Of course one way to resucitate the ecomony would be to leave the EU, but they wouldn't mention that.