“It’s exactly the kind of something-for-nothing economics that frankly got us into this mess in the first place”

Business quote of the day.

“It’s exactly the kind of something-for-nothing economics that frankly got us into this mess in the first place”

George Osborne tells BBC News today he will reject calls to spend more to boost the British economy, despite threats of a UK downgrade and criticism that his Autumn Statement yesterday will hit the poorest hardest. Osborne was forced yesterday to admit he missed his own target for reducing national debt , and has extended the austerity plans for another three years.

George Osborne masks on sale. Photograph: Getty Images

Helen Roxburgh is the online editor of Economia

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The New Statesman Cover: The revenge of the left

A first look at this week's magazine.

22 - 28 September issue
The revenge of the left