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George Osborne warns of further cuts as 'storm clouds' gather

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    George Osborne warns of further cuts as 'storm clouds' gather

    "George Osborne has warned he may have to impose bigger than expected cuts to public spending towards the end of the current parliament as the “storm clouds” in the global economy hit economic growth.

    In a move to prepare the ground for a sharp deterioration in the public finances in the budget next month, the chancellor said the recent fall in nominal GDP numbers showed the British economy was smaller than expected.

    Osborne, who signalled that the cuts would come from efficiencies in government spending, also indicated that he might adopt a flexible approach to his target of delivering an overall budget surplus of £10.1bn by 2019-20. (AtW's comment: translation - surplus will happen in 2039-40, that will give sufficient flexibility he requires)

    The chancellor made clear that he might have to embark on a change of course in his budget on 16 March when he warned of global “storm clouds” in an interview with the BBC at a meeting of G20 finance ministers in Shanghai.

    He said: “The storm clouds are clearly gathering in the world economy and that has a consequence for lots of countries including Britain. Now we are weathering it better than most, but we’ve just had confirmation that our own economy is not as big as we had hoped.

    Osborne has yet to hear formally the OBR’s judgment ahead of his budget. But the slowing of economic growth and falling tax receipts means that the public finances will be distinctly less rosy."

    More from the source: George Osborne warns of further cuts as 'storm clouds' gather | Politics | The Guardian

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    Yes, well done Gidiot - recovery was going well but you just had to massively increase taxes in the last 9 months, so businesses (who have accumulated money) choose to pay dividends instead of investing and investors taking their money somewhere else where Govt isn't run to Gidiots

    #2
    Doomed
    How fortunate for governments that the people they administer don't think

    Comment


      #3
      "Bigger than expected spending cuts" - no, he just needs to implement spending cuts he expected to do in the first place, show some fooking backbone and not fold like a stacks of cards at the first sign of a bit of heat.

      It's only THREE MONTHS since he did U turn on the tax credits - and the reason he gave - because he suddenly had more money to play with.

      So if that reason was true (as opposed to George being an idiot) - then now that he doesn't have that extra cash after all (a mere 3 months later) - the most logical and simple thing to do would be to re-instate those cuts.

      To do otherwise, would be to admit that they were a stupid idea in the first place. If he goes after other government spending, why didn't he do that last year instead of tax credits.

      Comment


        #4
        George is trying to be Cameron's successor, so he thinks if he spins enough he will get the job.

        Unfortunately the Tory faithful, as in party members, are old and sceptical.
        "You’re just a bad memory who doesn’t know when to go away" JR

        Comment


          #5
          I thought he fixed the roof whilst the sun was shining?
          http://www.cih.org/news-article/disp...housing_market

          Comment


            #6
            Originally posted by PurpleGorilla View Post
            I thought he fixed the roof whilst the sun was shining?
            He started with the garden shed.

            Comment


              #7
              Originally posted by jamesbrown View Post
              He started with the garden shed.
              http://www.cih.org/news-article/disp...housing_market

              Comment


                #8
                I would suggest a man who doesn't seem to know is going to happen, week to week, is not fit to handle the public purse.

                In fact, I believe Andy W's mum would do a better job, that generation know all about austerity

                DOOMED!!
                The Chunt of Chunts.

                Comment


                  #9
                  Originally posted by MrMarkyMark View Post
                  I would suggest a man who doesn't seem to know is going to happen, week to week, is not fit to handle the public purse.

                  In fact, I believe Andy W's mum would do a better job, that generation know all about austerity

                  DOOMED!!
                  Yeah Osborne will fix it.
                  http://www.cih.org/news-article/disp...housing_market

                  Comment


                    #10
                    Originally posted by PurpleGorilla View Post
                    Yeah Osborne will fix it.
                    I have more invested in Andy W's mum
                    The Chunt of Chunts.

                    Comment

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