George Osborne

Britain’s debt time bomb is still ticking

It must have been a seminal event judging by the coverage it received in British newspapers. The tabloid The Sun dedicated seven pages to it. The Daily Telegraph provided 16 pages of reports and commentary, The Guardian 23 pages and The Financial Times, not to be outdone, a full 26 pages. Few occasions would ever justify such journalistic lengths. So had Her Majesty abdicated? Were Martians about to invade Scotland? Had the English soccer team finally won a penalty shoot-out against Germany? [...]

Britain’s ‘bold’ debt detractors

The problem with Keynesians like Krugman and Stiglitz is that they are theoretically committed to balanced budgets, but only in the long run. But as no other than Keynes taught us, in the long run we are all dead. In the meantime, his disciples will never tire to explain why the right time to cut spending is never. [...]

Sharing the proceeds of what?

"Sharing the proceeds of growth” has always been a nice, if also a little vague formula. It does not set the degree to which growth should be shared between tax cuts and public spending. Unfortunately – and almost by definition – it becomes an impossible task if there is no or only little growth and consequently not much to share. [...]