Posts Tagged ‘George Osborne’

Why the economy is in far worse shape than Osborne admits

by Michael Meacher.

Osborne’s portrayal of the British economy as having “the fastest rate of recovery of any advanced nation in the world”, which he again repeated yesterday, is sheer poppycock. He continues to boast that GDP growth can be expected to average some 2.5% per annum over the period ahead, but on every key economic indicator that […]

Try as he may, Osborne cannot “eliminate the deficit”

by Ann Pettifor.

The Fabian Society invited Nicola Smith of the TUC, Dan Corry – once a Labour government adviser – and me to address their Summer Conference ten days ago. The theme: how can Labour restore its economic credibility with the electorate? The audience was large – about 300 earnest, well-informed and assertive Fabians. The discussion was […]

Why the Left is needed to attack Osborne’s shocking economic record

by Michael Meacher.

It’s depressing that so many of the Leadership contestants seem to be colluding with Osborne’s deplorable policies instead of attacking them head-on. The simplest measure of overall economic performance is real GDP per head: in the UK’s case it is still, 8 years on, no higher than at the start of 2007 and still below […]

Only Tory structural stupidity can explain Osborne’s budget surplus law

by Phil Burton-Cartledge.

The Conservative Party is structurally stupid. As a force the Gods of social dynamics have condemned to a slow and unlamented decline, so madness inevitably manifests itself in all manner of horrible pathologies. A more signal example of this is George Osborne’s speech, made yesterday evening, basically outlawing the state’s ability to run a budget surplus. It […]

Osbornomics goes toxic

by Michael Meacher.

Osborne’s Mansion House speech last night reverts to the old-fashioned economics of the governor of the bank of England in the 1920-30s, Montague Collet Norman, which led to the General Strike of 1926 and the Wall Street crash of 1929, followed by the desperate misery and hand-to-mouth subsistence of the 1930s which was so etched […]

Osborne has as much chance of a budget surplus in 2018 as of the Titanic resurfacing

by Michael Meacher.

Osborne is telling another of his wheezing yarns which he’s much better at than solving real problems. His first yarn in 2010 was that he would eliminate the structural deficit by 2015; it turns out that it is currently £92bn. His next yarn today is that he will now eliminate it by 2017-8. Fat chance. […]

If Osborne cuts £30bn as promised, he can’t achieve his deficit reduction targets

by Michael Meacher.

Osborne is now mooting an emergency budget within the next few weeks to lay the foundations for the £30bn fiscal consolidation (aka cuts) to be announced in the autumn spending review. It is made up of £12bn welfare cuts, £13bn reductions in departmental expenditure (aka cuts in public services), and £5bn in tax avoidance measures. […]

Latest growth figure fires Exocet through Tory claims of economic competence

by Michael Meacher.

The Tories couldn’t have timed it better for Labour. A week before the election the official quarterly growth figures halved to a miserable 0.3%. If this continues at the same level (and of course it may well sink lower still), it would produce an annual growth rate of just 1.2%, no better than the vilified […]

Let us now take Osborne apart

by Michael Meacher.

You have to hand it to Osborne, he’s managed to manufacture an entirely false story about the economy and get it accepted as the official narrative explaining what’s happened. First he has tried to make out after 2010 that the financial crash in 2008-9 occurred because the Labour government splurged on spending. But this is […]

The central issue of this election is a mystery wrapped in an enigma

by Michael Meacher.

The key issue of this election,behind all the superficial flashy giveaways, is paying off the deficit. It still stands this year at £92bn when Osborne pledged in 2010 it would be £37bn or below – a discrepancy of £55bn, not exactly a minor slippage. So how exactly, after 5 years in which Osborne has tried […]

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