My word, George, my word…
Chancellor George Osborne claims that the UK economy is “turning a corner”, as he tries to show that the government’s fiscal strategy has been successful.
He cites “tentative signs of a balanced, broad-based and sustainable recovery” claiming the economic collapse was “even worse than we thought” and that repairing it would take even longer than hoped.
George concludes that “…we held our nerve when many told us to abandon our plan. And as a result, thanks to the efforts and sacrifices of the British people, Britain is turning a corner.”
I say “Good old George”, as my cat each night jumps on my bum, in bed. Unfortunately I can’t give Osborne the same praise. If he ever jumped on my bum I’d tell him “George, you got it wrong in more ways than one”!
George Osborne is the guy who crashes your car and then wants you to thank him for having the wreck towed home.
Clearly we are not turning a corner as Osborne claims.
We have had growth of 1.8% over the past 11 quarters, four of which have been negative.
GDP is still about 3% below the level at the start of the recession.
At the same point in the recession of the 1930s, GDP was nearly 7% higher.
George is right on one thing: “Britain is poorer because of a massive failure of economic policy”
The National Bureau of Economic Research yesterday said the collapse in GDP was primarily down to Osborne’s misguided austerity policy.
A reckless Chancellor with no training in economics unnecessarily inflicted that nasty wound on the British people.
So far, so bad, given that real earnings continue to fall as a result of his failed policies.
Recovery, what recovery?