As
predicted UK growth fell again to 0.02%, with unemployment rising
at a fast rate, and as expected inflation is still increasing,
more evidence to show the lack of leadership from the coalition.
Again today during Prime Ministers question time, Cameron dodged
the question about what he was going to do about the ever increasing
jobless dilemma.
The number of people in employment in the economy fell by 69,000
to 29.17 million, in the three months to July. The Employment
Minister Chris Grayling says these figures are "unwelcome".
In a speech at the London school of Economics, Nick Clegg re-iterated
the coalition pledge to continue with the cuts, but showed a division
in the coalition by admitting that times had changed over the
last few months, with a continued rise in the jobless total, now
standing at a massive 2.51 million, almost 1 in 12 of the workforce
out of work, inflation up to 4.5% and growth only just measurable
at 0.02%. His answer to this was to bring forward high cost infrastructure
plans to build roads, rail and improve the broadband service for
the UK. The condition for bringing this plan forward was that
for every £1 the government put in, private enterprise would
put in £5.
Later on in P.M.’s question time, Cameron stated that you
can’t spend money in order to create jobs and grow the economy.
George Osborne attended a dinner at Lloyds of London, the insurers,
where he said he had to revise his short term hopes for the economy
down, but he would still be sticking to his deficit reduction
plans. Maybe he hopes some miracle will happen, or maybe he hopes
Santa Claus will bring growth for him.
He told his audience: "While we have all had to revise down
our short-term expectations over recent weeks, the only people
who should be fundamentally re-examining their view of the world
are those who thought that this time was different."
He also re-iterated that his programme was strong enough to withstand
some economic buffeting, saying: "We set in train a plan
that was comprehensive and clear in its vision, but also flexible
enough to withstand shocks along the way."
The
BBC have recorded him implying that his plan was responsible
for keeping interest rates low. I wonder how many people he hopes
will believe that?
The banks once again have failed to lend the amount they promised
to small businesses. The banks are having more robust requirements
imposed on them, namely, ring fencing the retail banking sector,
that’s our money we put in. They will no longer be able
to use this money to leverage risky investments. A further imposition
is that they will have to hold a 10% ‘buffer zone’.
This won’t stop the banks loosing heavily on their risky
investments, and it will still cost the taxpayers to bail them
out.
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