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George Osborne believes the UK is on the road to ruin

George Osborne has stepped forward today to suggest that the UK economy is on the road to ruin without significant spending cuts in the short to medium term. This comes just days before his first budget, which many believe will be the most important budget in recent UK history, and amid signs of voter and MP unrest in relation to some of the proposals mentioned. So is George Osborne right to be so downbeat?

While there's no doubt that UK national debt, set to top £1 trillion, and the budget deficit, currently in excess of £100 million, are major problems, there is a danger of talking down the UK economy and injecting fear and concern into investment markets. George Osborne needs to find a balance between the fear factor and hope for the future and while there's no doubt his hands are tied with regards to spending cuts in the short term, as well as tax rises, he does need to be careful.

Amid all the hype, rumour and counter rumour we will finally see whether George Osborne is able to deliver one of the toughest and possibly hard-hitting budgets of all time. Time will tell!

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