UK One Step From Recession, Government Out Of Excuses

The Office of National Statistics has confirmed that the UK economy shrank last quarter sparking fears of the much talked about double-dip recession. At prime minister’s questions in the Commons, Labour leader Ed Miliband said the coalition was out of “excuses” for the poor performance.

Excuses for  failing economic policy does seem to be becoming the norm of this government, so far we have had, the weather, the royal wedding, not the royal wedding, fuel prices, food prices and the euro. Even those who support the government’s austerity agenda are worried that more needs to be done to stimulate growth. Earlier this week the National Audit Office cast grave doubts about the government’s Work Programme to stimulate the jobs market, and our national debt passed an eye-watering £1 trillion.

It is interesting to note that by the government’s own figures the UK is now borrowing more than it would have been had George Osbourne followed Labour’s debt reduction plan. The IMF’s chief economist Olivier Blanchard has called on the UK to consider slowing the speed of cuts in the short-term to avoid strangling the recovery. If indeed it could be called a recovery, under Tory rule the economy has only recovered 45% of what it lost during the recession.

How much more damage needs to be done to ordinary peoples’ lives before this arrogant, smug bunch of millionaires wake up!