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View the article online at http://citywire.co.uk/wealth-manager/article/a569949

Osborne: Britain has run out of money

by Sarah Miloudi on Feb 27, 2012 at 07:48

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.

2 comments so far. Why not have your say?

Jo Kerr

Feb 27, 2012 at 12:28

Well then Osbourne had better make it attractive for the private sector, rather than beating-up anybody who wants to work or invest in this country.

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Padraig44

Feb 27, 2012 at 13:27

His problem is twofold

His own grasp is limited and his Treasury team is crypto Socialist in a way that Anthony Crosland and Harold Wilson would have recognised.

In the Coalition the influence of men like Cable and Danny Alexander is taking us into the heart of the trouser-knitting fellow travellers who formed the post war Liberal Democrats.

Pray that Cameron grow the testicular resolve to cry "halt" and seeks a clear mandate from the people of the UK; pray also that those people -if offered the chance-votes in such numbers that a real mandate can exist in the future.

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