This is how little growth George Osborne has delivered

25th January, 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…

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  • 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.

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