{"id":10178,"date":"2011-05-26T13:43:36","date_gmt":"2011-05-26T12:43:36","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=10178"},"modified":"2011-05-26T13:43:36","modified_gmt":"2011-05-26T12:43:36","slug":"no-vote-of-confidence-for-george-osborne-and-yet-the-ft-asks-for-more-of-the-same","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/05\/26\/no-vote-of-confidence-for-george-osborne-and-yet-the-ft-asks-for-more-of-the-same\/","title":{"rendered":"No vote of confidence for George Osborne, and yet the FT asks for more of the same"},"content":{"rendered":"

The FT has noted this morning:<\/a><\/p>\n

Wednesday\u2019s UK GDP revision shows that\u00a0inflation is helping to drive the economy perilously close to recession as consumers are squeezed by rising prices, while businesses appear unwilling to pile cash into new investments, the FT reports<\/a>.\u00a0A toxic mix of high inflation, tax rises, slow wage rises and low confidence provoked by the government cuts is hitting consumers, driving spending down in four out of the past five quarters and leaving consumption 4.3 per cent below its pre-crisis level.<\/p><\/blockquote>\n

Somehow that doesn't read like a vote of confidence for George Osborne from the FT.<\/p>\n

They add:<\/p>\n

A low growth forecast from the OECD also compounded the gloom over the UK, the WSJ reports<\/a>. The organisation\u2019s 2012 estimate has moved under 2 per cent since its last gauge to 1.8 per cent.<\/p><\/blockquote>\n

Another vote of no confidence.<\/p>\n

And yet, despite all that the FT concludes in its own self confident style:<\/p>\n

But the OECD warned that the Bank of England must raise rates by 0.5 percentage points by the end of 2011 to combat inflation.<\/p><\/blockquote>\n

Ah, so it's neoliberals together at the end then: they might agree they're trashing the joint, but they're also agreed they must go on doing so.<\/p>\n

That's the Bullingdon way. Except in this case they're expecting someone else to pick up the tab for their deliberately destructive behaviour, all pursuit of their own indulgent self interest.<\/p>\n

It's why we need politicians who say 'No, no, no' now. Because there is, there has to be, and there will be an alternative to this destructive hegemony.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The FT has noted this morning: Wednesday\u2019s UK GDP revision shows that\u00a0inflation is helping to drive the economy perilously close to recession as consumers are
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