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…

  • 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

  • Featured Latest Ashcroft poll shows Labour making ground in England – but facing wipeout in Scotland

    Latest Ashcroft poll shows Labour making ground in England – but facing wipeout in Scotland

    After the Ashcroft constituency poll of Scottish seats exactly a month ago I said that Scottish Labour is going down in flames, and taking Miliband’s chances of a majority with it. Today’s latest Ashcroft poll has done nothing to put out those flames, or suggest Scottish Labour is performing anything other than a catastrophic nosedive. Except now it almost feels like everyone has adjusted to the “new normal” whereby a Labour heartland is now a Labour wasteland. We’ll get back […]

    Read more →
  • News Video Broadcasters to Cameron: Tell us a date you can do for head-to-head debate

    Broadcasters to Cameron: Tell us a date you can do for head-to-head debate

    Broadcasters appear to be losing their patience with David Cameron’s attempts to get out of appearing the pre-election TV debates. It is widely understood that Cameron has been advised by strategist Lynton Crosby not to take part in the leaders’ debates and has been dragging his feet during negotiations, making more debates each time broadcasters make new proposals. Following the initial invitation of UKIP to appear, Cameron claimed that the Green Party should also take part. Now the Greens, SNP […]

    Read more →
  • Comment Tactical voting: unless we are an open tribe, we will die

    Tactical voting: unless we are an open tribe, we will die

    So Compass holds a debate about the relevance, or not, of tactical voting in the run up May and straight away John Spellar MP and then Luke Akehurst are on to us. John accused us of calling on people ‘not to vote Labour”, Luke says we are ‘naïve’. Well first lets be clear: we have set up the space on our website for a debate; we have one article for tactical voting and one against. We wanted to see what […]

    Read more →
  • News Cooper says “slippery” Farage’s immigration speech will increase division

    Cooper says “slippery” Farage’s immigration speech will increase division

    Yvette Cooper has accused Nigel Farage of attempting to exploit concerns about immigration rather than attempting to come up with practical policies. The Shadow Home Secretary also derided UKIP for getting themselves in a “ridiculous tangle” on the issue – last week a spokesperson for the party said they would introduce a net migration target of 50,000, while Farage today claims that it is not party policy. This follows Ed Miliband attacking David Cameron for missing his 2010 immigration promises […]

    Read more →
  • Comment Featured PMQs Verdict: Nevermind what Cameron said – it’s what he wouldn’t say that matters

    PMQs Verdict: Nevermind what Cameron said – it’s what he wouldn’t say that matters

    There are only three PMQs left until the election. Three more of these turgid, unattractive, unedifying and borderline pointless sessions to sit through before May. If this is the highlight of the Parliamentary week then Parliament can’t prorogue quick enough, frankly. Evidently many MPs feel the same, judging by the wide open spaces on the green benches this lunchtime. After a few minutes MPs had all spaced themselves out a little bit to make the place look a bit less […]

    Read more →
Share with your friends










Submit