So -0.5% GDP figures, reflecting a further slow down in the UK economy as a result of ConDem austerity measures is not, according to the hapless Chancellor, due to cuts but is down to the weather! Well yes people don't like shopping in the snow and ice, especially with inadequate, expensive and underfunded public transport. But who is he kidding!!
Any A.S. /A2 Economics student can point out the effect of a contractionary fiscal policy, resulting in a negative multiplier effect on the real world of jobs, living standards and the Economy. Yet didn't Osborne study it at Eton? Not sure if he did but clearly he has much to learn. Unless ofcourse as we all know, he is only interested in the interests of his class at the expense of working people.
In the meantime the prospects are worsening, with rising inflation and the likely increase in interest rates, subject to the Monetary Policy Committee's next meeting. Even the CBI shows anxiety over present policy.
Ed Balls, Labour's new shadow chancellor entered the ring today calling for a plan B. It is all very well calling for a "jobs and growth budget" but what would this actually mean? Under Ed, what would be the size of cuts. would the bankers face higher taxes and to what extent would a Green agenda be implemented? More importantly, will Ed and Ed both support students and workers on the streets opposing the cuts? Will they stand by Labour and other councillors refusing to implement the cuts? We have our own suspicions but happy to be proved wrong.
No George, the slowdown is due to your Government and its policies. We are not fooled by you and your cons.