The economic neanderthals are out in full force, led by Tim Montgomerie in the Telegraph. I fell about laughing when I read that he thinks that the Chancellor has been “vindicated”, just as growth in the UK has spluttered to a halt and unemployment is expected to rise, family incomes and house prices are falling and the Bank of England’s Monetary Policy Committee (MPC) is set to downgrade its growth forecast once again this week. He must be kidding, surely? Exactly the opposite is the case — George Osborne’s policies are in total disarray and are a disaster. The Tories’ only option is to spin, as they have no policies to deal with the coming financial crisis that will inevitably envelope our banks again. They have cut too far and too fast. U-turn number 32 is on its way. Just wait.
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