George Osborne’s Autumn Statement last week highlighted the government’s lack of economic credibility. The key issue that remains in minds nearly a week on is the Coalition’s failure to tackle the deficit.
Whilst there is no doubt that there were some positive measures, such as changes to ISAs, the scrapping of a rise in fuel duty and a reduction in corporation tax, this does not detract from the fact that £600bn – around £10,000 for every man, woman and child in the country – will be added to the debt over the course of this Parliament as a result of fiscal irresponsibility.
The Chancellor rightly alluded to a ‘decade of debt’, yet also said there are ‘no quick fixes’. Whilst this may be correct, that is not an excuse for the overwhelming failure of the government to implement radical structural reform.
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