Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Osborne: Britain has run out of money

2 Comments
Osborne: Britain has run out of money

Chancellor George Osborne has issued a bleak assessment of the UK's economy, warning that Britain has 'run out of money' and its only hope rests with the private sector creating growth.

Osborne (pictured) said he will stand firm by his pledge to balance the country's books by refusing to borrow more money.  The chancellor has come under intense pressure to ease his tough austerity measures, amid signs the UK's economy is slipping back into recession.

Speaking to Sky News, Osborne said Britain's money had been spent during the 'good years' and warned that its reserves are now empty.

'The British government has run out of money because all the money was spent in the good years.  The money and the investment and the jobs need to come from the private sector,' Osborne said.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter