- Odd News
The economy the Coalition inherited from Labour was growing nicely from the third quarter of 2009 to the same quarter in 2010 by 2.7%
Osborne and Cameron have had a bad week.
It started when IMP chief economist Olivier Blanchard told them the recession was made in Downing Street and they should do a U-turn before it was too late.
Then in a party political broadcast the PM falsely claimed the debt was falling, even though it was rising.
Over the past 12 months, the deficit was also up, not down as he had claimed.
Osborne told journalists at the Davos meeting the economy was going “in the right direction” and healing.
That same evening he was spotted with Boris Johnson and the PM.
They noisily enjoyed pizza that many commentators took to mean that there was good news coming on the economy. But there wasn’t.
We now know that the economy shrank in the fourth quarter by 0.3%.
Indeed it is very likely that the next quarter will also be negative, meaning that Slasher is likely to push us into a triple-dip recession.
He will try the old excuse of there being snow, but we won’t let him get away with it.
The only reason the economy got out of double dip was due to the Olympics.
In context, the economy the Coalition inherited from Labour was growing nicely.
It grew from the third quarter of 2009 to the same quarter in 2010 by 2.7%.
In the nine quarters since then, the economy grew by a disastrous 0.4%.
Ed Balls was right – the heartless Coalition cut too deep, too fast.
The fix is to cut taxes on working people, create jobs and start investing in infrastructure right now.
Osborne is like a rabbit in the headlights. More of the same won’t cut it.
He has got to go. You really can’t trust the Tories.