Life: Left of Centre

Posts Tagged ‘Economy

Today David Cameron made a speech in Manchester on the Eurozone crisis. He argued that it’s time to “make up, or break up”. Like something out of a cheap soap opera, the UK Prime Minister is speculating and his party is briefing furiously that there’s simply no getting away from the course we’re on. Austerity is the way forwards, and Greece in particular has to get on with it; as is, no questions asked – as that famous Fleetwood Mac song goes.

And isn’t this whole debate taking on a rather dated, 1980s feel to it. There’s no alternative for Greece, even though its exit from the Eurozone would spread a contagion that could quite easily break the Euro and seriously damage Britain’s already tepid, stalled recovery. So what’s the plan Dave? Where do we go next? Any clue? What of Francois Hollande’s ‘Changement’? And what are the odds on an 11th government falling in the Eurozone since 2008?

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So the dust has settled and George’s Osborne’s 2nd Budget has been universally panned – particularly by the Press. No surprise there. Indeed in recent years this has become the norm. He himself said that Britain should expect a long period of economic pain, in order to gain somewhere down the line – post-2017. A long way off.

But the most interesting facts of the budget are these: 8.7% unemployment is to be the expected peek this year. Yet economic growth is to reach only 0.8%. This looks like a ‘No Pain, No Gain’ economic policy to me. Where everyone suffers and only those best equipped to survive – the richest 1% – will.

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