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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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.