“The Chancellor’s statement is a stark admission that the present economic and financial model is finished. …. of that 500% (of debt), 200% is due to the financial institutions! Osborne should start by correcting the cause of the problem which is to take control of the banks! … Because he (Osborne) is representing the paradigm of … vampire squid economy only concerned with the 1% sucking up all the time a percentage of wealth for themselves and having no concern for the 99%! … The political establishment is controlled by a corrupt banking elite!” – Professor Rodney Shakespeare.
- George Osborne: UK has run out of money!
By Rowena Mason, http://www.telegraph.co.uk/
The Government ‘has run out of money’ and cannot afford debt-fuelled tax cuts or extra spending, George Osborne has admitted.
In a stark warning ahead of next month’s Budget, the Chancellor said there was little the Coalition could do to stimulate the economy. Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers.
“The British Government has run out of money because all the money was spent in the good years,” the Chancellor said. “The money and the investment and the jobs need to come from the private sector.”
Mr Osborne’s bleak assessment echoes that of Liam Byrne, the former chief secretary to the Treasury, who bluntly joked that Labour had left Britain broke when he exited the Government in 2010.
He left David Laws, his successor, a one-line note saying: “Dear Chief Secretary, I’m afraid to tell you there’s no money left”. Mr Osborne is under severe pressure to boost growth, amid signs the economy is slipping back into a recession.
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