13 October 2011

Isn't it ironic?

Has anyone else noticed the glaring contradiction in Osborne's speech to the Conservative party conference? (I admit I was distracted by the bare-faced fibbing.) Chancellor Osborne has become the champion of credit easing, which if it means anything, means making credit easier.

…borrowing too much is the cause of Britain’s problems, not the solution. …You can’t borrow your way out of debt.

So too much borrowing is the problem, and making it easier to get credit is the solution.

05 October 2011

Keep Telling Those...

Behind the little fib about the worst debt crisis in British history, lurks the real whopper - the claim that when Labour left office Britain faced a debt crisis. This has been Chancellor Osborne's consistent narrative for the last two years. A debt crisis happens when a government can borrow only at ruinously high interest rates.

So here is the recent history of the interest rates paid by the British government:

Can you see the surge in interest rates during the "debt crisis"? Nor me.

04 October 2011

Little White Lies

George Osborne,yesterday:
First, the last government borrowed too much money... They saddled the country with the worst debt crisis in our history.

The real history of British debt:

Update: I've replaced the broken link with a chart using the same data from http://www.ukpublicspending.co.uk/