Monday, 7 March 2011

Osborneomics: a horrifying chart

Writing at Liberal Conspiracy, Duncan Weldon reproduces a chart comparing the fiscal stimulus and tightening in the UK with that in other major economies:

It demonstrates that in the current year, Osborne's fiscal policy is contractionary to a vastly greater extent than any other major world economy.  It's horrifying - it might be appropriate in an economy that is overheating but in one that is slipping into recession it's nightmarish.  Where does this leave the Coalition promise that private sector jobs will be created to match those lost in the public sector?

It also - comprehensively - gives the lie to Osborne's claim that Britain is in the international economic policy mainstream.

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