Wednesday, 18 July 2012

Are George Osborne's days numbered as Chancellor?

George Osborne

George Osborne must have muttered to himself "Et tu, middle England?" after an on line poll of Daily Telegraph readers expressed their dissatisfaction with his performance and called for his quick, exit right.

The economic policy of the Coalition has entered yet another phase of 'ominshambles' and its attempt to hide its failing Plan A of austerity driven cuts by concocting Plan B rhetoric such as the rail investment programme, does not seem to be convincing the voters.

Marcus Roberts, deputy general secretary of the Fabian Society told AOL Money: "Radical economic change is needed, but there won't be radical political change...the Coalition is still hanging onto its original policies while announcing what is supposedly new initiatives such as rail funding but this can only happen with fare increases. That is not Plan B, it is another Plan A decision which will squeeze household incomes."

Reports that the UK is 50% likely to lose its AAA credit rating in the near future has applied even more pressure on the Chancellor, as well as the possibility of a "night of the long knives" where he is replaced by a fellow Cabinet member. However, would the UK really suffer if the country were stripped of its triple A status?

What the rating agencies are being accused of is making judgements based on passing fashions and forget to take notice of the realities on the ground, says Roberts.

Courtesy of AOL

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