US Treasury Secretary endorses Osborne Agenda

I thought I would bring our readers attention to the following article on the BBC News website. In the article the BBC states that Chancellor George Osborne’s austerity agenda has recieved the enthusiastic backing of US Treasury Secretary Timothy Geithner who told the BBC that he was “very impressed, as just one man looking from a distance, at the basic strategy that he’s adopted”. Crucially, and this is something the Coalition have been trying to hammer home like a broken record, Mr Geithner explicitly acknowledged that the Chancellor had been handed “problems not created by this government”. The Chancellors approach is admittedly markedly different to the approach currently being pursued in the US however Geithner correctly pointed out that the UK’s deficit position was worse than that of the US and is one of only two G20 countries which expects its deficit to rise, not fall, this year. In my opinion this dispells Labours myth that they had nothing to do with racking up the deficit because whilst the rest of the G20, who were also severely hit by the banking crisis, expect their deficits to fall this year ours will continue to rise. The fact is noone, not even Maggie Thatcher, wants to enter office and start “slashing and burning”. What possible political or popular capital can there be in making people lives more difficult? But we know now, as we knew in Mrs Thatchers day, that delaying the inevitable is not a credible option and will only lead to further misery and heartache in the future. Our economy is in a real mess, none of which can be attributed to the Colaition however much Labour might spin the statistics, and Im pleased that the US Treasury Secretary has correctly identified the Coalitions tough austerity programme as the only credible alternative to get this country back in to strong and sustainable growth.

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