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OsbornepbrVisibly angry George Osborne gets up. Highlights follow, not verbatim.

The Prime Minister’s claim to have abolished boom and bust is shown to be rubbish. A national debt built up over decades has been doubled in five years.

All Labour Chancellors run out of money. All Labour governments bring the country to the edge of bankruptcy. Prudence is dead. Labour has done it again.

Tax giveaways for Christmas. Tax rises for life.

Like the gambler who can’t give up he thinks he can borrow himself out of trouble.

It’s total nonsense to blame America for the biggest housing boom in the world or the largest budget deficit in the developed world?

Brown never prepared Britain for the bust.

Britain’s recession will be worse than almost any other developed country in the world. Brown built growth on debt, a housing boom and bigger government. He did not fix the roof when the sun was shining.

Borrowing money to finance lower prices when prices are already falling doesn’t make sense.

Higher taxes on high earners only fills 5% of the Chancellor’s black hole. It distracts from the big tax rises that are coming for middle earners. The rise in National Insurance is not so much a bombshell but a precision-guided missile aimed at the middle classes and the recovery.

You cannot spend your way out of recession.  Japan could not.  Britain cannot.

The responsible course would have been to control borrowing and to get credit moving for the real economy.

This is the worst public policy failure for a generation.  The national debt doubled.  The recession in Britain set to be the worst in the developed world.  Large permanent tax rises set to follow temporary tax cuts announced today.  Only the Conservatives will restore fiscal sanity to Britain.

ENDS.

36 comments for: George Osborne’s PBR response

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