George Osborne Must Abdicate
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.
*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.