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George Osborne fights back

George Osborne is today beginning the fightback in relation to criticism of his public sector spending cuts which will be confirmed in just a few days time. Ahead of a meeting of economic leaders in Washington he has criticised those who have talked down the need to reduce the public sector budget deficit claiming this is undermining recovery in the UK. There is no doubt that if the budget deficit had continued forever and a day then eventually the UK would have run out of money and the economy would have died a death.

Despite significant criticism over the last few weeks George Osborne has been relatively quiet regarding the short to medium-term outlook for the UK economy. Much of the comment and review of the economy has been left to the Bank of England MPC which is of the opinion that UK base rates need to remain relatively low and quantitative easing may well be re-introduced in the short to medium term.

George Osborne is just one of many chancellors around the world who are struggling to come to terms with the aftermath of the credit crunch and the worldwide downturn. What may be decided over the next few months could well determine the path of the worldwide economy for some time to come.

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