This is how little growth George Osborne has delivered

January 25, 2013 10:21 am

We’re not quite at triple dip yet, but as GDP figures are released today showing the economy shrank by 0.3% in Q4 of 2012, it’s time to take a close look at what George Osborne has done to the UK economy.

It’s now roughly nine quarters since the much heralded “spending review”. Let’s take a look at UK growth in the last nine quarters.

osborneeffectjan2013

This is what George Osborne has done to the British economy – growth of just 0.4% in over 2 years. The economy has shrunk in 5 of the 9 quarters since Osborne’s spending review.

To put that into perspective, Osborne’s first quarter as Chancellor (operating under Darling’s spending rules) the economy grew by 0.6%. Osborne’s spending review has achieved less growth in 9 quarters than Darling’s was achieving in one. He should have left well alone…

Update 1: How embarrassing – as well as saying on October 24th that “the good news will keep coming” (watch the video here) – Cameron also tweeted last October:

“Looking forward to hearing George tell #cpc12 why we’re on the right course with our plans on welfare, deficit reduction and growth.”

Update 2: Looking at comparisons with other major economies shows the scale of Osborne’s catastrophic failure. Firstly, here’s how we compare to the USA, Germany and France over the last 9 quarters:

internationalcomparison1

 

And now lets see where the USA, UK and Germany are compared to their pre-financial crisis peak:

internationalcomparison2

 

Disastrous…

  • http://www.facebook.com/people/Daniel-Smith/516168738 Daniel Smith

    I’ll get my Spitting Image satire hat on.

  • Gabrielle

    Towards the end of 2010, I commented on another messageboard that the US’s economy was going to make a slow but significant recovery, whereas ours was going to go into decline. Other people on there told me I was talking rubbish and George was going to be a stunning success in getting our economy back on track – whereas the US’s stimulus approach was simply repeating the mistakes of Brown and Darling and was doomed to failure.

    I wish now I’d made a copy of the exchange so as I could revisit those posters who were so confident and yet proved so wrong.

    • robertcp

      Right wing people are entitled to their opinion but they are just idiots on times. The problem for New Labour was that Brown believed a lot of the neo-liberal claptrap that was fashionable during the 1990s.

  • Gabrielle

    Question Time was interesting yesterday – Anna Soubry’s shtick about how it’s all Labour’s fault blah blah blah was getting very short shrift from the audience. An audience in *Weymouth*, as well, a place traditionally more inclined to support the Tories/LibDems.

Latest

  • News Chuka Umunna hits back at Boots boss anti-business jibe

    Chuka Umunna hits back at Boots boss anti-business jibe

    Shadow Business Secretary Chuka Umunna has reacted to warnings from Stefano Pessino, the chief executive of the company that owns Boots pharmacies, that a Labour Government would be a “catastrophe”. Umunna said he imagined people would draw their own conclusions from interventions by people who “who don’t live here, don’t pay tax in this country”. Pessino is worth an estimated £7.5 billion, and his company have been accused of using tax loopholes to avoid over a billion pounds worth of […]

    Read more →
  • Featured Wales It’s the War on Wales: now the Secretary of State is rubbishing education reforms that help our pupils

    It’s the War on Wales: now the Secretary of State is rubbishing education reforms that help our pupils

    Stephen Crabb is a good pupil. By attacking Welsh education today (£) in a base attempt to secure votes in the General Election, he has shown a willingness to learn from his cabinet colleagues. It was the Prime Minister himself who, when talking about the NHS, uttered that shameful phrase about Offa’s Dyke being a line between life and death. Senior Welsh Tories, understandably, remain very uncomfortable with that language, and they have made a bad fist of defending it. […]

    Read more →
  • Comment Electoral registration: for the sake of our democracy we must get it right

    Electoral registration: for the sake of our democracy we must get it right

    Well no can say that they weren’t warned! LabourList has been a consistent Cassandra warning of the implications of the rushed and ill considered  introduction of Individual Electoral Registration (IER) by the Electoral Commission. So congratulations to Ed Milliband for raising the alarm over the slump in the level of registration amongst students in halls of residence. Let’s hope the combined efforts of local councils, political parties and civic campaigns such as Bite the Ballot can restore as many of […]

    Read more →
  • News ‘NHS reform was this Government’s biggest mistake’ – now the ex-ministers are out for Cameron

    ‘NHS reform was this Government’s biggest mistake’ – now the ex-ministers are out for Cameron

    After a week featuring several critical interventions from Labour figures over plans for the NHS, the papers today see a couple of uncomfortable truths for David Cameron from close to home. The Observer reveals that Tory MP and ex-health minister Stephen Dorrell thinks that the NHS reforms have been the biggest mistake of the Coalition Government. They report: Asked if he regards the Health and Social Care Act of 2012, driven through the Commons by Andrew Lansley in the face […]

    Read more →
  • News Major Labour donor John Mills dismisses Mail story as “pure mischief making”

    Major Labour donor John Mills dismisses Mail story as “pure mischief making”

    The Mail on Sunday run with attacks on Ed Miliband today, including quotes from major Labour backer John Mills where he appears sceptical of a Mansion Tax and seems to side with Alan Milburn’s comments on the NHS this week. Mills, who has donated £1.5million to the Labour Party, has dismissed the story as “pure mischief making” and said they had used “highly selective and misleading quotes” for the story. The business leader admits he would prefer the widening of […]

    Read more →