The projected deficit for this current financial year was £122 billion, but we had little doubt that he wouldn’t make it. And sure enough, the preposterous Osborne predicts coming in at £127 billion, meaning that the national debt will increase by that amount this year. So much for "cuts", as public spending overall increases.

And, over the next four years, he anticipates borrowing £111 billion more than anticipated. In 2014-15, he expects borrowing to hit £79 billion, more than double the £37 billion previously predicted, and more even than the £74 billion predicted by Alistair Darling when he was chancellor.

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Not for long:
Goldmans Sigma X spot on once again predicts UK contagion
http://www.zerohedge.com/news/goldmans- ... -contagion

What do you expect? He is a politician and a member of the elite. Do you think he will stand up and spell it out for the sheeple?. He would have to say that we are entering a period of severe decline with no short to medium term solution, that the euro collapse would make it much worse, war with Iran/Syria could seriously disrupt oil supply and really make it worse.
Oh, and by the way, sorry to keep base rate at .5%and rape your pensions and impoverish you with 6-9% inflation

Overall government spending is up, but not by as much as inflation. The difference between the two figures is the overhyped "cuts", which are paltry.

As the debt grows ever bigger (according to even the government it will continue to balloon until at least 2017, when the deficit is somehow meant to have disappeared), more and more of government spending will be on interest payments. These amounted to 44bn in 2010-11. This year they are 49bn. That means that almost 40% of our 127bn borrowing this year is going merely on interest!

Would those protesting against the "cuts" prefer it if the money taken in taxes from the working classes (and others) went towards the running of schools'n'hospitals – or for it to go to bankers to service the UK's debt? Without proper, grown-up cuts, tax (and borrowing, which is the next generation's taxes) will increasingly go to banks in order to service the UK's debt. Is that really what the anti-cuts crowd want?

Even the Greenies aren't happy:-

http://www.businessgreen.com/print_arti ... -statement

"We are not going to save the planet by shutting down our steel mills, aluminium smelters and paper manufacturers," Osborne said when announcing the expected rebate. "All we will be doing is exporting valuable jobs out of Britain."

But this argument was dismissed out of hand by John Sauven, executive director of Greenpeace.

"The Chancellor has thrown logic on its head by allowing those who pollute the most to get extra taxpayers money and to rake in huge windfall profits," he said. "This will do nothing to help Britain develop world beating energy efficient industries and lasting green jobs."

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So a trivial reduction in the enormous INCREASE in Greenie taxes is portrayed by Greenpiss as getting "extra taxpayers money" and raking in "huge windfall profits".

And Osborne keeps right on shovelling £18.4 Billion per year into the Climate Change Act 2008 cesspit and announces a £1 Billion hand out to combat the effects of Global Warming in Africa.

No satisfying some folk!

We are reaching the point where everyone is tacitly acknowledging, or openly talking, that the Eurozone will have to break up and perhaps reform. You can hear it when the commentators say things at the end of sentences like "if things in the Eurozone continue to get worse these budget forecasts will have to be revised down, and the chancellor will be back with even stronger austerity measures". I expect Osbourne is saying the same thing to his journalist friends behind closed doors. This phase is part of a play before the real action begins.

One only hopes that there are some bright minds thinking how to cope with the crash when it happens.

Is Osborne in charge? Or are the Mandarins of the Long Knife in charge?

Simon Richards suspects that Heseltine, Clarke and Maude have a say. I would throw Mandelslime into that pot. There they are, EU technocrats, 'advising' our government.

http://richardsblog.dailymail.co.uk/201 ... -more.html

An aside: Merkel is planning to neuter the German constitution to get the ESM treaty ratified. If she can do that, then what's to stop her from changing the ECB's constitution?

Nothing at all.But does she want to do that?many in Germany do not want to bailout the peripheries.What would be the point it is an impossible task?better to kick out failed states and try and get a more fiscally tighter eurozone...as if such a thing could happen

Trouble is they have been believing their own hype for so long they no longer know which way is up.Anyhow how long would all that take?.....they might not get that sort of time before some other major event takes matters out of their hands.

Unfortunately the £18.4bn (or indeed the up to £80bn) per annum estimates of the CCA are way short of the mark.

Economic prosperity is predicated on cheap fuel and energy, both of which have risen dramatically and will rise even faster as a result of 'green' policies and their flagship legislation the CCA.

Everything that moves in the economy has had its cost progressively increased and that has to be paid for somehow (i.e. by the end user) resulting in less money being available for saving/investment as well as the purchase of goods and services.

The Climate Change Act is the most pernicious, damaging and evil piece of legislation that has ever hit the statute (not forgetting it was passed almost unanimously by our illustrious leaders) and is the vehicle of choice for the delivery of 'contraction & convergence' and 'sustainable consumption'

It must be struck down as soon as humanly possible. To re-quote Shakespeare and by extension Richard " . . . If it were done when 'tis done, then 'twere well it were done quickly. Let's be done with it."