It is depressingly amusing (if that is not an oxymoron) that the growth figures for the last year have been revised down to 2.6% from £3.0%. This is hardly a miraculous recovery, as has been touted by Osborne. If you include the 4 million or so extra people living here, we still have not returned to pre-Crash levels of GDP. In fact, we are 1.7% down. Median wage levels have remained at their 2002 level. Our balance of payments deficit has reached a colossal 6% of GDP, averaging around £10 billion a month. There is a strong possibility that if the rest of the world loses faith that we can keep up with repaying this enormous debt (nearing £2 trillion,) there will be a collapse of sterling. So much for the Tories version of recovery, the economically illiterate cabal of millionaire ex-Etonians who have led this country to the brink of economic disaster, and yet are considered more economically sound by most of the UK population thanks to a press largely intent on lying about the terrible state the Tories have made of ell, everything, they touch. Midas in reverse. Happy Days!
Posted on: Wed, 24 Dec 2014 12:30:32 +0000
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