HEADING FOR DISASTER: A FAILING BRITISH ECONOMY, AN UNREPAYABLE DEBT, & AN UNREPENTANT POLITICAL CLASS

The Slog

  GEORGE, THERE ARE GOING TO BE TEARS WELL BEFORE BEDTIME

Precisely as the right-wing Institute for Fiscal studies predicted before the Election, George Osborne is now under pressure (from the Institute of Directors) to “slash spending”. The IoD has gone one on from “cut”: perhaps next time the verb will be “decimate”. And then “obliterate”.

Note that few if any of the IoD’s members will suffer a jot from the cuts. Also note that the IoD is specifically ruling out tax rises….which would, of course, hit most of their members very hard indeed.

The Chancellor has promised yet another budget in the summer (we might just as well make them quarterly and have done with it) and has said it will be “a budget for working people”. This is another little weasel phrase invented by the Aussie spin doctor Lynton Crosby; what it means is “people in a full-time…

View original post 770 more words