First quarter GDP - UK +0.3%, US +0.7%

[Pearcey3]

would you have expected the national debt to have fallen whilst we still had a deficit?

What deficit? Osborne pledged this would be eradicated by 2015. Oh!

[Organ Morgan.]

What deficit? Osborne pledged this would be eradicated by 2015. Oh!

Yes, he was counting on huge and sustained economic growth (more tax receipts rolling in, less benefits paid out) to eliminate the deficit. It's something they have singularly failed to achieve. Instead they've cut it by two-thirds through spending cuts and stealth taxes.

[Eric Cartman]

Yes, he was counting on huge and sustained economic growth (more tax receipts rolling in, less benefits paid out) to eliminate the deficit. It's something they have singularly failed to achieve. Instead they've cut it by two-thirds through spending cuts and stealth taxes.

You aren't allowed to call it a failure, I think we should call it a partial success to save his feelings.

[Feedback]

So is it a success?

why does it have to be binary?

[Eric Cartman]

why does it have to be binary?

I am just curious as to what you call it when someone states a specific aim and then doesn't meet it.

[Feedback]

What deficit? Osborne pledged this would be eradicated by 2015. Oh!

that's not really adding anything. Clearly the forecasts were overly optimistic and with the benefit of hindsight there should have been better stress testing.

However well the plan compared against forecast it is true to say that the deficit has been reduced by 2/3.

Depending on your politics will determine how you interpret that

[Pearcey3]

that's not really adding anything. Clearly the forecasts were overly optimistic and with the benefit of hindsight there should have been better stress testing.

However well the plan compared against forecast it is true to say that the deficit has been reduced by 2/3.

Depending on your politics will determine how you interpret that

Its adding quite a lot actually. They won't have cleared the defecit by 2020 either so the national debt will keep rising and rising

[Feedback]

Its adding quite a lot actually. They won't have cleared the defecit by 2020 either so the national debt will keep rising and rising

It sure will. That is simple arithmetic. As long as the debt/GDP ratio keeps falling, then it doesn't really matter as the nation is earning more to cover the cost

[Pearcey3]

It sure will. That is simple arithmetic. As long as the debt/GDP ratio keeps falling, then it doesn't really matter as the nation is earning more to cover the cost

It certainly doesn't help that the economy is slowing down.It will be interesting to see what the Q2 results are like at the back end of July

[Pearcey3]

Yes, he was counting on huge and sustained economic growth (more tax receipts rolling in, less benefits paid out) to eliminate the deficit. It's something they have singularly failed to achieve. Instead they've cut it by two-thirds through spending cuts and stealth taxes.

Yep but we are all in in together and its in the
national interest that we have strong and stable leadership.

[Feedback]

I am just curious as to what you call it when someone states a specific aim and then doesn't meet it.

Again you are looking at this as being binary. The economics and politics if a nation is far more complicated than you suggest.

Was the deficit eliminated? No it wasn't and in that respect the policy failed. However it has reduced by 2/3 and when we look into the reasons why the policy failed, we see many factors, some of them external to the UK (e.g. the EU debt issue around 2012, the USA debt issue around 2013)

[Pearcey3]

Again you are looking at this as being binary. The economics and politics if a nation is far more complicated than you suggest.

Was the deficit eliminated? No it wasn't and in that respect the policy failed. However it has reduced by 2/3 and when we look into the reasons why the policy failed, we see many factors, some of them external to the UK (e.g. the EU debt issue around 2012, the USA debt issue around 2013)

All true but the Tories didn't give Labour any benefit of doubt for the financial collapse in 2008 when there were clearly external factors at play which,in part,were beyond their control. So they can hard!y expect a sympathetic hearing in return

[Feedback]

All true but the Tories didn't give Labour any benefit of doubt for the financial collapse in 2008 when there were clearly external factors at play which,in part,were beyond their control. So they can hard!y expect a sympathetic hearing in return

Labour were lax in regulating the banks. they have to be accountable or that. the general public wanted everything today and to pay for it tomorrow. Labour can't be held accountable for public greed or for the banks ruthlessness in exploiting that greed.