Red Rag - You may have missed most of this today because when it comes to Osborne and economic failure their friends in the press refuse to report it, however, as always...the truth will out.
Remember the main reason, the economic chocolate fire guard known as Gideon gave us to attack and under fund the NHS, to sack hundreds of thousands of people in the public sector, to rip apart your local services, to raise VAT, cutting benefits to the handicapped, getting rid of EMA etc etc....was to reduce government debt and borrowing.
Today the ONS released figures that showed the worst public sector net borrowing for the month of April in history.Public borrowing, excluding financial interventions such as bank bail outs, hit £10 billion for last month compared £7.3 billion for April last year.This pushed the governments total debt to a record breaking £910.10 billion or 60.1% of GDP.
Remember the bullshit the Tories spread before the election about the countries credit rating being cut if Labour got back in. Today Chinas credit rating agency, Dagong, cut the UK's credit rating from AA- to A+.They said due to uncertainty's about the UK economy, high inflation, and very low growth at best for the near future they refused to rule out even more downgrading of the UK's credit ratings in the future and have the UK down as a "negative outlook".
The CBI realised sales index which is a leading indicator of consumer spending fell from 21 to 18. Even though the fall was not as large as some expected CBI Director General said "Household budgets are being squeezed by the gap between price inflation and weak wage growth.". Backing up this sombre view for sales is research by the Local Data Company that shows across the country the average retail vacancy rate (empty shops) is at 12% and in some areas such as Wolverhampton, Sheffield and Bradford it is as high as 24%.
Osbornomics means complete and utter economic failure.
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