IT is clear that we have a seriously dangerously deluded PM and Chancellor who believe that zero inflation is good and that it is somehow due to their economic plan. When everyone knows it’s the result of low global oil prices. No wonder Osborne has to resort to spin as his record is one of absolute failure.
He promised to eliminate the deficit, it is 80 per cent of GDP, he has missed every one of his borrowing targets, due to falling tax revenues. He cut the taxes of high earners, which has lowered his tax base. Osborne has borrowed twice that of the last Labour government, an eye watering £200bn.
Productivity is 15 per cent lower than in 2010, he has created a low wage economy where welfare payments for housing benefits alone have rocketed to £94 billion a year. Cameron needs to face facts his government have failed by their own measure.
It is his government who have unleashed economic chaos and misery on the UK, with spiralling personal and government debt, the chickens will come home to roost as soon as interest rates bounce back to normal levels. N Dix, Blackwood
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