The time for a U-turn is now

27 Jan 2013

A U-turn in economic policy by the government seems like the best thing for this country, considering that we are bumping across the floor of disaster, but will arrogance prevail with sloppy policies unchanged?  Friday was the day George Osborne had in his diary for a very long time, the day when we truly saw what our economy looks like- and whether it was as bad as it feels like.


Now before I look at the actual figures released, I want to focus on this pure arrogant attitude displayed by George Osborne.  I could spend ages talking about this but I think what he said in a BBC interview sums it up for me, ‘We have the right deficit reduction plan.’ The fact is that they don’t. This government needs to learn they have been in power for over half a term and should owe up to their mistakes, blaming the ex-Labour government is a sign of weak leadership and the British people deserve better.  It is quite obvious that Osborne is more concerned with his career and reputation, than his job to serve the country. Anyone with a mild amount of economic knowledge would realise the government’s plan has been a complete failure, but Cameron and Osborne are too concerned with themselves to admit defeat.  It’s funny to think back before the election, to the start of Gordon Brown’s government, where opinion polls were high and according to the rumours Labour was planning to call an early election, one that it was assumed they would quite easily win; then George Osborne managed to turn the tables, opinion polls reversed in the Tory’s favour, stopping Brown from calling an election. He was hailed as a master tactician but what is he now? A Chancellor who is dishonest, who does not serve the people of Britain and who considers himself to be more important than his country. Devising a strategy to deal with our problems should be simple, ‘Keep our workers jobs safe and invest in businesses, spark life into the economy and then the deficit will come down automatically’, but Osborne has done the opposite, cutting jobs, cutting enthusiasm, and cutting any chance our economy had to boost into life.

The only positive sign the GDP statistics show is that the construction industry grew by 0.3%, apart from that the outcome is extremely gloomy, with the manufacturing industry declining by 1.5% and the mining industry declining by a whopping 10.2%. The government know their policies are wrong, just a few days ago, we saw Nick Clegg criticise their capital spending policies, even though he has since changed his tact somewhat. However, the chief economist for the IMF also signalled to the Chancellor to slow down austerity because of its effects on growth.  In reply, George Osborne attacked his comments and said that spending cuts must continue if the government is to retain its credibility. Well what credibility has this government got left? They came to power promising change for the better- they haven’t delivered. Those comments made by Osborne again show us, the public, that our Chancellor is more concerned with how he is talked about, then shoving Britain off the gloomy steps of recession. The once ‘tactical master’ has shrivelled into something completely different. In times of a great trouble we need leaders who are not afraid to admit that they made mistakes, leaders who are open to new ideas, but what are we left with, Cameron and Osborne, two people who are full of displaced and out of touch opinions and beliefs, who care for the minority not the majority and who shy away from dynamic changes which will really put fire into our economy. To phrase it lightly- Cameron and Osborne are no more than feeble excuses for leaders.

We are now more than two and a half years through the Coalition’s term in office and their economic policies have turned out to be a disaster; wages have fallen, thousands of jobs have been lost, the manufacturing and construction industries, the industries which made Britain great have shrunk rapidly and the economy has only grown by 1%. Britain is now on the edge of a triple dip recession, with borrowing going up and the country relying on the city as much as it did before the crash. The government needs to stop with this arrogance and change course abruptly or else it is highly likely that Britain will fall into the abyss of a triple dip recession. 

By Gabriel Dobrashian-Yates

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