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