“We have gone from the top end of the economic growth league table to being stuck at the bottom just above Greece and Portugal…These figures show the huge risks George Osborne is taking in Britain by making a political choice to cut further and faster than any other major economy in the world.”
Of course George Osborne is not taking any personal risk because he is well paid and is personally wealthy. What he is doing is playing with the lives of the 4+ million owners and managers in Britain’s enterprising businesses. There is no Government support, no bank overdraft finance and the equity fund-raising markets for smaller companies are rather depressed.
The above words (in italics) are those of Ed Balls, the Shadow Chancellor.
He was referring to GDP growth figures for the last two quarters (2010 Q4 and 2011 Q1). The UK was third from bottom at 0.0%. Germany was third (1.9%), France was at 1.3%, 0.1% more than the US. The EU average was 1.0%.
Ed Balls, whether or not he rattles George, is already in the history books because of his role in keeping the UK out of the Euro. In ‘Beyond the Crash’ (Simon & Schuster: 2010) Gordon Brown writes:
“Ed Balls led a brilliant team of Treasury officials in conducting the most comprehensive set of studies any government has carried out on the euro…But having considered all the arguments, we concluded…it would not work for Britain…”
We should all be VERY grateful.
Startupbritain.org was announced by David Cameron in early April. It does not receive any direct Government funding but Dave was sure “that it will be a great success.”
Since its launch there have been just two items posted on its news page.
If this is how the Coalition intends stimulating Enterprise Britain what hope do we have?
As yet Labour has yet to set Britain alight with its plans to stimulate the business community. However, by revealing how limp and ineffective the Dave and George show is, it is showing it has Balls.