Daily: Why George Osborne has failed

The lead article in today's links is from Seumas Milne in the Guardian on George Osborne's failure to deliver on his promises as UK Chancellor of the Exchequer. If you recall, the platform that Osborne championed was one of voluntary cuts to reduce government spending in order to bring down public debts and deficits in the UK. The rationale given at the time for why this would work was "confidence" i.e. lower bond yields and greater capital investment would follow the UK government's decision to cut deficits because private businesses would be spurred on by confidence in the more well-considered fiscal stance.
Things have not worked out that way. Deficits are still high, borrowing has increased, and the UK is in recession. Osborne has been a disaster. As I said long ago about Austerity in...


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