George Osborne fails on his own terms.
“You have to look at the performance of the UK economy compared to other large western economies”
– George Osborne, interview with Sky News, 25 April 2013
Yes, George. That’s exactly what you have to do.
In the last 12 months the US economy has grown by 1.8 per cent compared to the UK’s 0.6 per cent.
Since the government’s ‘Emergency’ Spending Review in October 2010, the UK economy has grown by just 1.1 per cent – compared to the 6 per cent forecast by the Office for Budget Responsibility at the time. Between then and Q1 2013 the USA has grown by more than four times that amount – 4.9 per cent (and advance estimate of the first quarter of 2013 has GDP up 2.5%).
In February 2009, Barack Obama introduced his $800 billion stimulus program. In October 2010, George Osborne knocked the wind out of the British economy.
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10 Responses to “George Osborne fails on George Osborne’s terms”
Sids999
I refer to ”
The budget predicts the deficit would fall to US$744 billion in
2014, or 4.4 per cent of gross domestic product, from an estimated
US$973 billion in 2013. Fiscal 2014 begins on October 1.
It aims to achieve US$1.8 trillion in deficit reduction over 10
years. Added to the US$2.5 trillion in deficit cuts from past efforts,
the total reduction would be more than the US$4 trillion both parties
have said would be an acceptable goal.
The ratio of deficits to GDP would fall to 2.8 per cent in 2016,
below the 3 per cent level economists say is necessary to put debt on a
path to shrinking as a share of the economy.
http://www.stuff.co.nz/world/americas/8535374/Obama-aims-to-kick-start-deficit-reduction-talks
Kevin
Seems Eton the place to go http://www.bbc.co.uk/news/uk-politics-22322254 and http://www.guardian.co.uk/music/shortcuts/2012/oct/18/eton-gangnam-video-viral-sensation
Cole
They also had a serious stimulus at the crucial moment,
Cole
They also had a serious stimulus at the crucial moment,
Stephen Wigmore
Since America is the archetypal low employee rights, low welfare, low government spending, low tax economy, do you really want to be making that comparison? I’m sure many Tories would be quite happy to swap our economic structure for the US’s. Do you really want to go there?