In a stark warning ahead of next months Budget, the Chancellor said there was little the Coalition could do to stimulate the economy.
Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers.
The British Government has run out of money because all the money was spent in the good years, the Chancellor said. The money and the investment and the jobs need to come from the private sector.
Mr Osbornes bleak assessment echoes that of Liam Byrne, the former chief secretary to the Treasury, who bluntly joked that Labour had left Britain broke when he exited the Government in 2010.
He left David Laws, his successor, a one-line note saying: Dear Chief Secretary, Im afraid to tell you theres no money left.
#5
Full marks for refusing to borrow or print more money.
The next stage is to shrink the size of government (fire civil servants) and reduce transfer payments (welfare). Altogether harder as Greece is finding out.
#7
> the Chancellor said there was little the Coalition could do to stimulate the economy.
But there NEVER IS anything the government can really do to stimulate the economy. It can "fiddle the reading" with debt, but it cannot boost the economy.
What it can do is harm the economy less, and that means cutting taxes like VAT (sales tax).
As per the USoA, iff Britain's official Debt-to-GDP ratio is less than as determined by Private or Market Analysts-Pundits, i.e. less than 100% or better, THEN LONDON = WASHINGTON CLEARLY HAS $$$ = RATIO PERCENTAGE POINTS LEFT TO USE UP IN GLORIOUS DEFICIT OVERSPENDING!
ONLY THE GUMMERMINT SAYS 101% OR HIGHER NATIONAL BANKRUPTCY DOTH NOT EQUATE.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
