The reason why European economies are stuck in the trenches is actually quite simple. Our governments have shot themselves in the foot.
Yesterday’s budget revealed how George Osborne’s clever politics have been undone by his witless economics.
George Osborne is trapped in a loop, doomed to keep peddling the same failed solutions to the same unsolved problems.
With the IMF warning that the global economy is heading for the ditch again, the last thing Britain needs is another complacent Chancellor who thinks he’s got everything right.
Our guest contributor Sam Juthani says austerity and ultra-low interest rates have trapped us in a dangerous loop of inequality and low growth.
“…Osborne, by going for an unnecessarily rapid reduction in debt by means of increasing poverty, has thrown a potential lifeline to Labour. Unfortunately, Labour appear to be swimming away from it…”
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Battered by the economic crises of the 1920s and and 30s, European politicians clung to the gold standard because it was the only thing they knew. Today’s European leaders are in the same position, trapped inside a similar orthodoxy.