Britain Is Not Enjoying Its So-Called Economic Success

Conservative Coalition Government Says Plan is Working

Britain elected a Conservative government last year.  Well, not totally Conservative, it required its ideological opposite, the Liberal Democrats to forego their core beliefs to form a coalition government.

The first thing the newly empowered Conservatives did was to enact a plan to close its budget deficit by contracting the economy.  Except they did not believe the economy would contract, because somehow they would be rewarded for pursuing fiscal virtue and the economy would grow and everyone would love them.  It may still work out that way, but so far, don’t look so good.



Find the Current Economy - Hint:  Its Near the
Great Depression



The announcement by the Office for National Statistics (ONS) this week that growth in the second quarter of 2011 was just 0.2%, and expansion in the year to June a measly 0.7%, confirms that recovery from the recent recession may well be the slowest since the 1930s (see chart).

The government of Britain showed that they are true Conservatives, welcoming this news.

George Osborne, the chancellor of the exchequer, greeted the figures with some relief, as some forecasts before the official release had included negative numbers. The figures showed that the economy was growing and creating jobs, he said. Spurning suggestions that he backpedal on reducing the deficit, he called Britain “a safe haven in the storm” of worldwide instability, in which sovereign-debt worries threaten America and the euro zone

The British stock market is not very happy with Mr. Osborne, and on Friday

London's blue chip share index took another hammering today, capping a calamitous week that has seen nearly 10% wiped from its value

One piece of good news, the blame is with America and Europe, Europe in this case being the Europe that Britain is not a part of, except when they want to be a part of it.

The FTSE 100 Index fell 146.2 points, or 2.7%, to 5247 today amid continued panic that America will lead the global economy back into recession and the eurozone will be crushed under the weight of its debts

Now these are two good, genuine fears, worth causes of  a stock market decline, but maybe England and Wales and Scotland are a little bit of the problem also.  Not to worry though, the British government is on top of things.

The Foreign Secretary, William Hague – who is the most senior member of the Government left in Britain because David Cameron, George Osborne and Nick Clegg are on holiday . . .