Are we Close to a New Pax Britannica? Yes, by George!

© AP PhotoBritain's Chancellor of the Exchequer George Osborne
Britain's Chancellor of the Exchequer George Osborne - Sputnik International
Subscribe
George Osborne, Britain's Chancellor of the Exchequer, has told an audience at the Royal Economic Society in London that Britain could become the richest nation in the world in the not so distant future.

In case you're reaching for your reading glasses to check whether you may have misread what you have just read, don't bother. Instead let me quote the great statesman himself: "We can become the most prosperous of any major economy by the 2030s, with that prosperity widely shared — an aim I believe to be firmly in our grasp". 

Mr Osborne said other things as well obviously, but this was the climax of his speech, the diamond in the tiara of his message, the jewel in the crown of Tory promises. Never before has any Chancellor in modern British history gone as far as Mr Osborne did, implying that the Kingdom will soon become the envy of the world, with the US, Germany and Japan trailing behind, filled with admiration and respect for the hard-working people of Britain and its brilliant leadership.        

But there was one strict condition attached to the dream that Mr Osborne had shared with the hushed audience of the greatest economic minds in all of Britain — that was that the Tory party, and Mr Osborne himself, naturally, would need to stay on beyond the next general election, which is approaching menacingly for the current coalition government.

Yes, Britain will prosper like never before, according to the Chancellor, if it presses ahead with the economic reforms devised and lovingly implemented by the Conservatives. Which means that they would need to stay on beyond May 2015, and ideally all the way to 2030, to finish the job they had started. 

Ironically, on the day Mr Osborne had revealed his optimistic forecast the markets in the city took a tumble, with the value of the largest British companies losing something like 39 billion smackers in one day alone. And why did it happen?

Because unlike the Chancellor, the markets operate in the real world and the feeling among investors is that things are not looking good for the future. Especially with the World Bank cutting its forecast for world economic growth and, this is the important bit in our case, pointing out that Britain, which Chancellor Osborne sees as taking the top spot on the list of the richest nations in the world, will be hit hardest by the economic stagnation out of all industrialised nations.     

The problem with the so-called economic recovery in Britain, of which we hear so much from the coalition government and Mr Osborne in particular, is that the nation is saddled with such astronomical debt that it is very hard to imagine how it can recover any time soon.

The current government, while battling the budget deficit, has actually managed to add a very substantive chunk to the national debt which has overshot £1.4 trillion, according to official stats, but is actually closer to £5 trillion if you include all of the government's liabilities, and will probably take much, much longer than 15 years to be paid off.

Considering that the annual borrowing just wouldn't go lower than £100 billion under the current government and the gathering of taxes is not what it used to be — missing its target by £35 billion last year, if you're interested — it's hard to imagine how Britain would be able to prosper and clinch the number one spot in the ranks of the G7 nations.

Especially, as those sanctions that this government, of which Mr Osborne is part and parcel, has introduced against Russia after the crisis in Ukraine broke out, are not really helping its progress on the road to prosperity.

You can ask the top dogs at BP or Shell, two giants that have felt the impact of those sanctions, and they will tell you about billions in losses caused by the stupidity of their politicians.     

But as it's election time in Britain, politicians feel they can say things that don't necessarily make much sense — or any at all. Liberal democracy, you see, works in mysterious ways, when no one in the corridors of power is held accountable for anything they say or do. Especially when it comes to renewing their mandate for another term in office.  

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала