Chancellor George Osborne has little to smirk about, even if there are signs of a recovering economy. What has he done to deserve praise? The “austerity budget” has only taken money out of the economy and has had absolutely no effect on reducing the national deficit.
Concerns are being voiced from many quarters, including the Business Secretary, that “help for housing” is promoting rapid house price inflation (one of the causes of our present predicament).
The main drivers of the current fragile improvement are the 0.5 per cent bank interest rate, which was introduced by the last Labour government, and the inherent motivation of businesses to survive. George, you’ve scored one out of ten so far. You must try harder.
Linlithgow, West Lothian