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…

To report anything from the comment section, please e-mail [email protected]
  • 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

  • Comment Uncategorized Sharon Hodgson: Labour will always stand up for children with special educational needs

    Sharon Hodgson: Labour will always stand up for children with special educational needs

    Since the Government announced its Schools White Paper last month, focus has been on their ham-fisted plans for the forced academisation of all schools. Though Ministers have subsequently U-turned on these flawed plans – after mounting opposition led by Labour and including parents, school leaders, teachers, governors, local councillors and their own backbenches – it is clear that they are still intent on obsessing over forcing or coaxing every school in England to become an academy. This fixation with school structures comes at the expense of raising standards for […]

    Read more →
  • Featured News Jess Phillips hit by 600 rape tweets in one night

    Jess Phillips hit by 600 rape tweets in one night

    Jess Phillips has spoken of her disgust after receiving 600 tweets in one night about her rape. The Birmingham Yardley was bombarded with vile messages after launching a campaign to end online sexist bullying. “To see the attack of a pack on here check out my mentions 600 odd notifications talking about my rape in one night. I think twitter is dead,” she wrote on the online platform. Phillips, who was sexually assaulted as a teenager, today described the revolting […]

    Read more →
  • Comment Featured Uncategorized Labour must view immigration as a political opportunity rather than an obstacle

    Labour must view immigration as a political opportunity rather than an obstacle

    In 2014, the last reliable figures that take ethnicity into account, there were 790,000 Poles living in the UK. With EU net migration still in the positive, and suggestions these figures might be a grossly underestimated, the total number could be significantly higher. To be clear, this is not a piece about immigration, or, at least, not about its effects on Britain, but about what policies may convince Polish migrants to vote Labour. Because the Tories have a head start. As EU migrants, most […]

    Read more →
  • Europe Featured News Swathes of Labour voters still unsure of party’s position on EU poll

    Swathes of Labour voters still unsure of party’s position on EU poll

    Nearly half of Labour voters don’t realise their party overwhelmingly wants Britain to stay in the EU, a new poll reveals. Despite Jeremy Corbyn’s decision, relatively late, to swing behind the Remain campaign, nearly half of Labour voters wrongly thought the party was either split on the issue, or backing Brexit, or they did not know. In fact, a huge majority of Labour MPs wants Britain to vote to remain in the bloc. More than a quarter (28 per cent) of […]

    Read more →
  • Featured News Seats and Selections Luciana Berger in running for Liverpool City Region Mayor

    Luciana Berger in running for Liverpool City Region Mayor

    Luciana Berger will today become the third candidate in the race to get the Labour nomination for the Liverpool City Region Mayor election. Berger, who attends Shadow Cabinet as Shadow Minister for Mental Health, will announce her bid with a speech to local Labour members this afternoon. She is the second shadow minister to launch their candidacy for a new directly elected mayor position in a North West city, following Andy Burnham kicking off his Greater Manchester Mayor campaign earlier […]

    Read more →
Share with your friends










Submit