George Osborne stands on the brink of failing one of his golden fiscal rules

Autumn Statement wishlist.

With borrowing up, growth negligible for the last two years and rising under-employment highlighting the fragility of the labour market, the economic outlook facing the Chancellor is bleak.

He stands on the brink of failing one of his golden fiscal rules – having debt fall as a proportion of GDP by 2015. The narrative up to now has been whether he can still meet this rule. But this ignores the far bigger issue that it is one of the main causes of the UK’s economic problems.

So rather than fudge the figures to appease the deficit hawks on his backbenches, the Chancellor should abandon his beloved fiscal target that he’s going to miss anyway.

This would mean no longer needing to make another £10bn raid on the welfare budget. Freezing and cutting benefits will life harder for families living – and working – in poverty. And the cuts will not help a single person back into work.

Most importantly, abandoning his self-defeating austerity targets will allow the Chancellor to start again with a fresh plan for growth.

This new plan should include a new State Investment Bank that can help fill the credit void left by our failing banking sector. The Chancellor could also reassert the government’s green credentials by giving the Green Investment Bank powers to borrow.

Capital spending cuts should be cancelled and replaced by more infrastructure investment. Modernising our transport network and energy needs can help deliver high-quality skilled jobs in the short-term and provide longer-term economic gains.

The Chancellor says that reducing the deficit is the biggest challenge the government faces. It is not. Preventing a lost decade of economic stagnation is our biggest challenge. And unless we tackle this by starting a new plan focused on generating jobs and growth we will never get to grips with the public finances.

Frances O’Grady is the TUC General Secretary Designate.

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“Trembling, shaking / Oh, my heart is aching”: the EU out campaign song will give you chills

But not in a good way.

You know the story. Some old guys with vague dreams of empire want Britain to leave the European Union. They’ve been kicking up such a big fuss over the past few years that the government is letting the public decide.

And what is it that sways a largely politically indifferent electorate? Strikes hope in their hearts for a mildly less bureaucratic yet dangerously human rights-free future? An anthem, of course!

Originally by Carly You’re so Vain Simon, this is the song the Leave.EU campaign (Nigel Farage’s chosen group) has chosen. It is performed by the singer Antonia Suñer, for whom freedom from the technofederalists couldn’t come any suñer.

Here are the lyrics, of which your mole has done a close reading. But essentially it’s just nature imagery with fascist undertones and some heartburn.

"Let the river run

"Let all the dreamers

"Wake the nation.

"Come, the new Jerusalem."

Don’t use a river metaphor in anything political, unless you actively want to evoke Enoch Powell. Also, Jerusalem? That’s a bit... strong, isn’t it? Heavy connotations of being a little bit too Englandy.

"Silver cities rise,

"The morning lights,

"The streets that meet them,

"And sirens call them on

"With a song."

Sirens and streets. Doesn’t sound like a wholly un-authoritarian view of the UK’s EU-free future to me.

"It’s asking for the taking,

"Trembling, shaking,

"Oh, my heart is aching."

A reference to the elderly nature of many of the UK’s eurosceptics, perhaps?

"We’re coming to the edge,

"Running on the water,

"Coming through the fog,

"Your sons and daughters."

I feel like this is something to do with the hosepipe ban.

"We the great and small,

"Stand on a star,

"And blaze a trail of desire,

"Through the dark’ning dawn."

Everyone will have to speak this kind of English in the new Jerusalem, m'lady, oft with shorten’d words which will leave you feeling cringéd.

"It’s asking for the taking.

"Come run with me now,

"The sky is the colour of blue,

"You’ve never even seen,

"In the eyes of your lover."

I think this means: no one has ever loved anyone with the same colour eyes as the EU flag.

I'm a mole, innit.