In the weeks after he took office, George Osborne justified his austerity programme by claiming that Britain was on “the brink of bankruptcy”. He told the Conservative conference in October 2010: “The good news is that we are in government after 13 years of a disastrous Labour administration that brought our country to the brink of bankruptcy.”
The Conservatives have constantly tried to portray the Labour party as less than competent with the economy, and more recently the government made jibes about required “magic money trees” being required to fund Labour’s promising anti-austerity manifesto, which backfired. In fact the Conservatives claim rather ludicrouslythat the opposition is “dangerous”.
However, Robert Chote, head of the Office for Budget Responsibility (OBR) formally rebuked Osborne for the “misinformation” and dismissed with scorn the “danger of insolvency” myth that has been endlessly perpetuated.
It’s worth remembering that the Conservatives’ historic record with the economy isn’t a…
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