Osborne is a classic fool – he never, ever, learns from his mistake.
That mistake is that no country can cut its way out of a deficit. It simply won’t happen and today’s figures illustrate that fact.
The only way out is by investing in the country’s economy, building its strengths and supporting its people, and helping the economy grow. But Osborne is looking the other way.
And why not? After all, he won’t suffer.
And, as we’ve already established, nobody who will suffer can get a fair hearing in the UK’s biased media.
George Osborne’s deficit-cutting drive has been dealt a blow ahead of next week’s spending review after official figures showed the worst October for the public finances in six years.
The deficit, or the gap between what the government spends and takes in, swelled by 16% from a year earlier to £8.2bn in October, according to the Office for National Statistics (ONS). It was a larger shortfall than the £6bn forecast by economists in a Reuters poll.
The chancellor wants to eliminate the deficit on the public finances by the end of the decade. As part of that push, he will unveil plans in his spending review on 25 November to cut government department spending by around £20bn over the next four years.
Economists said the latest public finances suggest Osborne will miss his deficit-cutting goals for this year and that he will redouble austerity measures in next week’s spending review and accompanying budget update, known as the autumn statement.
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