Posts Tagged ‘George Osborne’

Public borrowing under Osborne now going UP

by Michael Meacher.

The whole point of the austerity programme imposed by Osborne was supposed to be to reduce the budget deficit. The latest data on the deficit however shows a dramatic and disturbing turnabout. Instead of going down, it is now rising, and there are good reasons for expecting this trend to continue. Official data shows that […]

The economic ‘recovery’ won’t hold till election next May

by Michael Meacher.

Fortunately for Osborne, Scotland is keeping the parlous state of the economy out of the news. UK manufacturing export orders have now turned negative for the first time in nearly 2 years, dimming any expectations that manufacturing and exports would lead the way in any upsurge. The immediate reasons blamed are the flagging Eurozone economy, […]

An inquiry into the banks at last. Great – or is it?

by Michael Meacher.

A new official inquiry into the banks is announced just when Osborne announces that the banking crisis is finally over. In fact it’s still coming to the boil – how does he manage to keep on coming up with these gags? Just 6 years late, you might think. But that’s the least problem. The real issue is […]

Fall in construction output shows Osborne “recovery” has lost momentum

by Michael Meacher.

The latest economic figures revealing a shock fall in construction output of more than 1% between April and May this year are alarming, but might be brushed off as an isolated quirk if all the other evidence pointed the other way. But it doesn’t. The construction slowdown is matched by an unexpected slump in factory […]

Gideon’s promise of a Goldilocks recovery is pure fantasy

by Michael Meacher.

George Osborne preened himself – yet again – at the IMF conference 2 days ago that the Western economies are now set for a prosperous future, even as central banks steadily withdraw the lifeline that kept them afloat after the 2008 crash. Apparently normality is returning after the unfortunate blip five to six years ago. […]

Beware Osborne’s massaged figures

by Michael Meacher.

According to the writing on Osborne’s tin, we now have the fastest rate of growth of any major Western country. But as with all tins, it’s as important to think about what it doesn’t say as what it does say, as well as to wonder whether what it does say is realistic and can be […]

Government’s own budget watchdog rips into Osborne

by Michael Meacher.

If you read George Osborne’s budget speech in the Commons, and then read his own Office of Budget Responsibility (OBR) analysis of it, it is like reading Fifty Shades of Grey and then turning to the Handbook of Morality and Sexual Ethics. They’re so much like chalk and cheese that it’s almost impossible to take […]

The magnitude of Osborne’s failure

by Michael Meacher.

Blinded by the cascade of populist trivia in the budget, the sheer scale of destructiveness of Osborne’s economic policies over the last 4 years has been hidden. It is immense. The economy is still after 4 years of austerity 1.4% smaller than in 2008, while the US economy is 5% larger than before the crisis. […]

A budget aimed at the Tory faithful, not the economy

by Dave Watson.

Shiny new coins did nothing to cover up the Chancellor’s blatant attempt to shore up the core Tory vote next year. The budget giveaways were relentless targeted on the comfortably off, rather than those who have been hit the hardest by austerity economics. Changes in tax thresholds may take some out of tax, but they […]

What’s in the box, Gideon? Hand-outs for the rich and a phoney recovery

by Michael Meacher.

Osborne didn’t mention the most important fact about the budget. While the OBR’s growth forecast for this year has been raised to nearly 2.7% (though their previous four have each been grossly over-optimistic), they recognise that this ‘recovery’, such as it is, will fade after 2015. In other words, this is not a real recovery, […]

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