Osborne, it's time for Plan B

A strategy rethink is in order.

Although the reporting cycle is a little unusual – the chancellor George Osborne only made his interim report in December – the parallels with, and potential lessons from, his private sector peers are interesting. Since he took the job (and it was a pretty senior post for a first board position) this young CFO has been struggling to explain exactly how UK Plc would achieve the more difficult half of balancing the books, i.e. growing revenues.

Somewhat predictably, the focus has therefore been on the slightly easier side of the equation, i.e. cutting costs. Thus far this approach seems to have done enough to appease watching investors and analysts. Partly due to problems being experienced by most of its major competitors, and the resulting lack of alternatives, UK Plc has been able to hang on to its investment and top credit rating. But the tough market conditions don’t appear to be easing and the outlook remains bleak. Thus Osborne, like most CFOs, will have to work extra hard to convince those watching that he has a credible plan to get UK PLC’s finances back on track.

Having already had to admit he will miss several key targets he set himself for getting the financial house in order, Osborne now needs to rethink his strategy for achieving growth. As most experienced CFOs would confirm, it is not possible to cut your way out of a slump. A sudden bout of reckless spending would be equally disastrous. But when results keep going against you (and last week’s ONS figures, showing we’re heading for a likely triple dip recession were not what Osborne projected) then it’s time to acknowledge the current strategy needs a rethink.

The rest of this article can be read on economia

Photograph: Getty Images

Richard Cree is the Editor of Economia.

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Will anyone sing for the Brexiters?

The five acts booked to perform at pro-Brexit music festival Bpop Live are down to one.

Do Brexiters like music too? If the lineup of Bpoplive (or more accurately: “Brexit Live presents: Bpop Live”) is anything to go by, the answer is no. Ok, former lineup.

The anti-Europe rally-cum-music festival has already been postponed once, after the drum and bass duo Sigma cancelled saying they “weren’t told Bpoplive was a political event”.

But then earlier this week the party was back on, set for Sunday 19 June, 4 days before the referendum, and a week before Glastonbury, saving music lovers a difficult dilemma. The new lineup had just 5 acts: the 90s boybands East17 and 5ive, Alesha Dixon of Britain’s Got Talent and Strictly Come Dancing fame, family act Sister Sledge and Gwen Dickey of Rose Royce.

Unfortunately for those who have already shelled out £23 for a ticket, that 5 is now down to 1. First to pull out were 5ive, who told the Mirror that “as a band [they] have no political allegiances or opinions for either side.” Instead, they said, their “allegiance is first and foremost to their fans”. All 4our of them.

Next to drop was Alesha Dixon, whose spokesperson said that that she decided to withdraw when it became clear that the event was to be “more of a political rally with entertainment included” than “a multi-artist pop concert in a fantastic venue in the heart of the UK”. Some reports suggested she was wary of sharing a platform with Nigel Farage, though she has no qualms about sitting behind a big desk with Simon Cowell

A spokesperson for Sister Sledge then told Political Scrapbook that they had left the Brexit family too, swiftly followed by East 17 who decided not to stay another day.

So, it’s down to Gwen Dickey.

Dickey seems as yet disinclined to exit the Brexit stage, telling the Mirror: "I am not allowed to get into political matters in this lovely country and vote. It is not allowed as a American citizen living here. I have enough going on in my head and heart regarding matters in my own country at this time. Who will be the next President of the USA is of greater concern to me and for you?"

With the event in flux, it doesn’t look like the tickets are selling quickly.

In February, as David Cameron’s EU renegotiation floundered, the Daily Mail ran a front-page editorial asking “Who will speak for England?” Watch out for tomorrow’s update: “Who will sing for the Brexiters?”

I'm a mole, innit.