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George Osborne Must Abdicate

January 25, 2013

I have crunched the economic growth figures and have found the following.

The UK came out of the deep recession related to the start of the financial crisis here in the  third quarter of 2009.

Since then the economy grew by an estimated 1.715% in total under the previous administration in under a year.

After the Coalition took over, the economy has grown by an estimated 1.385% in over two and a half years.

This means an average monthly GDP growth rate for the relevant period of 0.156% under Alistair Darling’s Chancellorship, compared to an average monthly rate of 0.046% under George Osborne. And the latter includes the Summer Olympics.

The disappointing figures are accompanied by a gigantic expected increase of National Debt during the Coalition’s term from under £800 billion to £1.4 trillion. Also, our deficit is tracking higher than expected and the IFS expects that based on the figures April-December, it will actually increase this financial year. 

Even including the sale of 4G rights, which hasn’t actually been sold yet, but which the Chancellor has included in his figures, this is a desperately inept performance. Meanwhile the Government is continuing and expanding its brutal programme of cuts and privatisation. The only excuse offered for Osborne’s performance is that our trading relationship with the Eurozone had a more severe than expected effect on the overall economy, while at the same time promising people a Yes/No vote to dissolve that relationship altogether.

I cannot think of anybody other than George Osborne, in any context, who would not have already been sacked for such abject failure – except a hereditary Royal one. And even the there would be pressure to abdicate.

 

2008 Q2 -0.9 369,278 362,867 5,910 6,014
2008 Q3 -1.8 362,755 357,689 5,816 5,899
2008 Q4 -2.1 355,193 356,365 5,786 5,767
2009 Q1 -1.5 349,868 347,897 5,639 5,671
2009 Q2 -0.2 349,261 346,147 5,602 5,652
2009 Q3 0.4 350,643 351,363 5,675 5,664
2009 Q4 0.4 352,091 356,456 5,747 5,676
2010 Q1 0.6 354,177 361,171 5,812 5,699
2010 Q2* 0.7 356,701 365,206 5,866 5,729
2010 Q3 0.6 358,885 368,908 5,914 5,753
2010 Q4 -0.4 357,324 371,284 5,941 5,717
2011 Q1 0.4 358,907 377,068 6,022 5,734
2011 Q2 0.1 359,402 378,630 6,035 5,728
2011 Q3 0.6 361,421 380,668 6,056 5,746
2011 Q4 -0.3 360,420 382,768 6,077 5,714
2012 Q1 -0.2 359,520 382,805 6,065 5,685
2012 Q2 -0.4 358,184 386,741 6,115 5,652
2012 Q3 0.9 361,568 391,499    
2012 Q4 -0.3 360,483    

 

Source ONS

*I have apportioned the 2010 Q2 figures pro rata to the two administrations, even though that is extremely generous to the Coalition since the implementation of their economic policies can only be said to have started to take effect after the Chancellor’s emergency statement on the 22 of June 2010.

7 Comments leave one →
  1. Nile permalink
    January 25, 2013 11:15 pm

    Osborne is succeeding in his policy objectives: wealth concentration is accelerating and his friends are getting richer.

    That’s it, all of it, and anyone who disagrees, or suffers, or who labours at below-subsistence wages, or who dies of a curable disease through lack of money – anyone who isn’t among Osborne’s rich friends – simply does not matter to our government and the constituency that they actually represent.

    Why are you criticising Osborne for failing to measure up against a yardstick he regards with visible and risible contempt? It’s like criticising syphilis for lacking table manners, or a questioning the property developer demolishing your church about his failure to contribute to the organ restoration fund.

    This criticism does not matter to him, and everything you huff and puff and and blow about is greeted with guffaws, and with the merry clink of Champagne glasses as the money piles up ever faster in those tax-free Swiss accounts.

    What part of this are you finding difficult to understand?

    This isn’t rational economics, it’s tribalism and looting: and Osborne and his masters are succeding while you play for approval from an audience of ineffectual and deluded Guardian-readers who take far more satisfaction in their manufactured moral outrage than in any hint of an effective action.

    • January 26, 2013 10:22 am

      Take a deep breath, please. My post is not intended for George Osborne to read and feel shame. But for others to understand in simple terms the failure of this Government by its own self-proclaimed standards. Whatever you views of Osborne the Conservatives are still (just about) the most trusted party with the economy. That is what I find unbelievable and that is what I think is the most important bubble to burst. Thank you for reading. All best – Alex

  2. January 26, 2013 12:28 am

    That should put Osborne off whatever it is obscenely rich posh boys eat for breakfast, tomorrow morning.

  3. January 26, 2013 3:04 am

    Nice to read your blog again, Alex. I agree – Osbornomics has been an unmitigated disaster.

  4. Jonault permalink
    February 1, 2013 4:53 pm

    I’ve been told that the treasury pocketed the Royal Mail pension fund in the same quarter as the Olympics. Having robbed the poor, the disabled, the low-paid and the posties, just what else is left for these self-serving liars at Westminster to take?

  5. February 7, 2013 4:38 pm

    As I don’t believe anyone, anywhere, is in control of the economy at the moment, it’s difficult to blame Osborne alone (though just so tempting!). No, it’s not the results; it’s the fact that he has two jobs. He said last week that he was 100% dedicated to getting the economy right. But that was a blatant falsehood. If the economy is in crisis – and it is close to – he must have only one job. He must give up work preparing the Tories election campaign, immediately, no quibbling.

  6. Mike Dimmick permalink
    February 20, 2013 3:35 pm

    The 4G auction has fallen £1.16bn short of the Treasury’s projection – just over 33%. Time to revise those figures.

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