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Despite growth being revised – this is what Osborne has done to the British economy

September 27, 2012 11:24 am

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GDP figures from Q2 have now been revised, so that the economy only shrank by 0.4%, rather than the 0.7% originally recorded.

Still worth bearing in mind though, that this is the amount of growth there has been in the UK economy since Osborne’s Spending Review:

In total Osborne has been in charge of economy for 8 quarters. The economy has shrunk in 5 of them.

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  • John_Bracewell

    Economy shrank is a relative term. Minus 0.4% and minus 0.1% constitute a technical recession but compared to the minus 6% and minus 4% under the Labour government, it is a relative success. Given the dire state of the economy when this government took over and the continuing Eurozone chaos,  a GDP figure which is for all intents and purposes not getting any worse, whilst unemployment is falling, private sector jobs being created and  the annual deficit being reduced whilst 10 year bond rates are lower than many countries in the EU – still an uncomfortable position, but not as bad as if Labour had been in power. No replies please about the economy was recovering at the end of the Labour’ term, since borrowing was increasing and government and consumer spending was continuing to give a false mini-boom for electoral purposes.      

  • http://twitter.com/chriswcheeetham Chris Cheetham

     

    Headline from “Guardian” TODAY!

    “Britain in the red by record £20.8bn”
    How is this a success. And making assumption about where we would be in labour was still in power after 2 years is frankly wihful thinking. You do not know any more than I do what would have happened. However, it is unlikely to be as bad as things are now IMHO!

  • JoeDM

     Given that Osborne is pretty much following the Darling plan (with a few tweaks) I would imagine that a Labour government would be in a similar situation.     

    • PeterBarnard

      No-one knows what the “Darling plan” was, because in Labour’s last budget, there was no breakdown (between Departmental expenditures and Annually Managed Expenditures) for forecast current expenditures in 2014-15. In other words, we have no idea what reductions in departmental current expenditures were anticipated by Mr Darling.

      For capital expenditures, there was virtually no difference between Labour 2010 and Coalition 2010.

      However, Labour forecast a public sector net debt of 74.9% of GDP by 2014-15, while Mr Osborne had a PSND of 69.4% of GDP in his first budget. That difference represents about £90 bn of current expenditures (extra by Labour), spread over the five years.

      Mr Osborne (Budget 2012) is now forecasting a PSND of 76.3% of GDP by 2014-15. I expect that this will be higher still when he presents his Autumn statement in early December.

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