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Political Economy

Wednesday, October 14, 2015 11:51
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Former Ambassador, Human Rights Activist

I am watching the debate on Osborne’s Fiscal Charter live on the Parliament Channel. The barracking and baying at Caroline Lucas by roaring Tory MPs making that weird public school hawing noise was quite astounding. She was making an entirely sensible point about the viability of government borrowing to fund productive investment.

Listening to George Osborne speak, I find it hard to believe that it is seriously expected by the commentariat that this man will win the 2020 election and become Prime Minister of the United Kingdom. If ordinary people find him an acceptable human being, let alone leader, I really do not understand what has become of society.

I hardly know where to start to deconstruct his speech, but one fact stands out. Osborne purported to give an overview of Britain’s economic crash and “recovery”, without making a single mention of the banking crisis or bankers’ corrupt and greedy practices as the cause of the crash, of vast banking bailouts by the taxpayer and the rapid contraction of the economy. That banker behaviour was of course accelerated by Gordon Brown’s extreme banking deregulation, but that was Brown’s great blunder, not the levels of public spending.


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