George Osborne is the most promising Chancellor ever. He made huge promises in 2010 to pay off Britain's debt and get rid of its fiscal deficit. He failed to keep them so he's now put them back five years to 2020. Then he says Britain will be a land of high wages and full employment.
It`s unbelievable. He`s living in Cloud Cuckoo Land. George claims that the economic recovery is the result of "the Government's long term economic plan." Total balls. There never was a long term plan except roll back the state and cut benefits to allow tax cuts for the rich which would trickle down to the people. Much as horses trickle manure onto roads.
The Conservative Party is the trade union of the rich. So we`ve had five years of cutting their taxes, boosting their bonuses and salaries while holding back the wages of the rest.
It hasn`t worked. Recovery came only because the Bank of England kept interest rates flat to the floor for six years and printed £375 billion of money. The cuts and excessive austerity actually made recovery slower by slashing demand and cutting tax revenues.
George's policies have wasted four years, cut wages and reduced household incomes to turn us into a low wage, casual employment economy with millions pushed into self-employment and 1.86 million out of work. It`s prettied up by rocketing house prices, an overvalued pound to make imports cheap and lower fuel and food prices. But it still leaves most people worse off.
Manufacturing hasn't grown. Investment, particularly public investment in infrastructure, is low, as is productivity. Tax receipts are lower because wages are low. We can`t even pay our way in the World.
We import 6% of GDP, more than we can pay for. That means that every year we must sell firms, houses, land and assets to foreigners just to survive. The Chancellor assumes that that gap will close. With the pound high, the euro much lower and exports beginning to suffer, it won't. So we`ll be colonised by foreigners owning our utilities, our trains, our productive industry, our housing and our farms.
The net effect of this Tory government's failure to fulfil its promises will be massive cuts in public spending in Welfare, cuts in Defence, cuts in Social Services and more cuts in Local Government and its services.
That gloomy prospect is inevitable unless we get a Labour government which invests, which puts our people back to work and taxes the rich more and the people less. We need Labour to regulate the private rented sector to build more social and council housing for people who can't afford to buy, to create more apprenticeships and boost the minimum wage so that demand and living standards pick up.
After five years of failure, Britain needs a government to tilt the balance of power back from wealth to the people. Government by the rich, for the rich, doesn't work. Time now to give power to the people and improve their lot by creating jobs, raising pay, building houses and investing in their future rather than pouring money into the over-full pockets of the rich.