UPDATE: 26 May 2014 -- Looking back to this report from July 2012 the Chancellor has not improved and David Cameron, as always, stood by him. The great shout about the improved economy by 1.3 per cent is nothing in compare to Germany's three per cent and USA seven per cent. They took over from Labour with 2.3 per cent which vanished within three months.
The former Tory chief whip Lord Ryder gave a full criticism on David Cameron and Mr Osborne. He is accused of being obsessed with spin. He further ridiculed them stating that the Chancellor and Mr Cameron were watching 24-hour news. Lord Ryder thinks they are news editors and news managers but no strategists. He recommended further that Mr Osborne should stop being a Tory election strategist. He added: “The Treasury deserves a Chancellor to be there in a full-time basis.”
Mr Osborne is increasingly in demand to quit after the last figures this week showed another shrinking of 0.7 per cent of the economy between April and June. This marked as the deepest double-dip recession for 50 years.
After all these demands for Mr Osborne resignation various minister hinted they would be willing to step into his shoes. Vince Cable passed remarks that he would be willing to replace him. However, Mr Cable pointed out at the same time that they have a collective agreed policy and he will not make radically changes. He would plan to build on what George Osborne has already achieved.
Excuse me here for a minute. George Osborne achieved a double-dip recession and if Mr Cable plans to build on it there would be no use to change the Chancellor. Mr Cable's remark is absolutely incredible.
Former Chancellor Lord Lamont advised strongly for Mr Osborne to give up his strategy role. This again is incredible and unbelievable. Mr Osborne made a mess of the budget which is always the flagship to follow and should stand. Since his budget in March he did so many U-turn the public lost count. Yet, Mr Osborne has a strategy role in Downing Street. His budget was a mess of which he had months to prepare it; his economy is a mess and yet he has a strategy role.
Tory MP Nadine Dorries demanded replace Mr Osborne with Mr William Hague. Another candidate was Defence Secretary Philip Hammond.
With all due respect but looking at all their records of achievement in their present job there surely won’t be an improvement.
A statement from the Chancellor said that he was focussing “110 per cent” on the economy but he had to take time out to meet the US Republican presidential contender Mitt Romney. Now we see how heavily Mr Osborne is committed and he had to tare himself away to meet Mr Romney. Was this at the Fund Raising Dinner or lunch for $17,000 to $25,000 per seat? If so will there be another parliamentary expense for the tax payers to pay?
Why Mitt Romney? They didn’t meet Mr Hollande when he was campaigning. I hope the people of the USA think before they put their vote.
The next news is naughty but a good laugh. According to an online poll for a national newspaper showed that the cat Larry at Downing Street beaten Mr Osborne by popularity votes. Larry had 24 per cent and Mr Osborne had 13 per cent. Maybe we should replace Mr Osborne with Larry.
Apparently the US has its vehicle in forward gear while the UK and Europe has it in reverse.
It is purely a result of decision makers making the right plans. Central Banks reduced their interest rates almost to zero in a very short time. While the Bank of England only cut the interest rate down to 0.25 per cent in the last few months.
President Obama’s administrators did not listen to calls to increase taxes and cut government spending. Instead they carried on with major infrastructure projects which brought billions of dollars to the economy.
Yes, they are closed to Asia which helped with exports but the UK having the European market but it is only half the export of which the other half should make a different.
The successful up-turn of the USA shows investors as safe haven and it can borrow at a rock-bottom price because of it.
Seeing all this evidence Mr Osborne still refuses to follow their footstep. He won’t use the golden opportunity to borrow cheaply to boost spending.
An expert Paul Dales, of Capital Economics said: “It is a good time for the UK government to borrow.
“And it could do this subtly by locking in long-term funding at these low, low rates.”