March 7, 2012
And the medicine ain’t working
We certainly are all in this together when it comes to the great debate on growth versus austerity. At home we have the leaked letter from Vince Cable in which he attacks the coalition government of which he is a member, claiming that it lacks vision, ambition and confidence.
Mr Cable’s concern as the Budget approaches is that key policies being pursuded by the Chancellor will act as a further drag on the economy. He believes it is essential that the emphasis should be on growth.
That will sound familiar throughout Europe. The ink was barely dry on the December treaty of 25 member states which was supposed to lock them into strict fiscal rules before ranks were broken.
Even since last week’s Brussels summit and the letter sent by a dozen countries including the UK calling for growth and not just austerity, the pressure has grown.
Eurostat has confirmed […]