According to the Office for National Statistics, George Osborne’s economic plans are not delivering. The ONS identified that the trade deficit had widened even further to £10.35 billion in the last quarter of 2015 up from £8.7 billion in the previous quarter. It is evident that despite the rhetoric of Osborne, the vacuous faith in an export led economic recovery has evaporated.
The answer to all this is straightforward. We need an industrial policy that promotes British trade on a global basis, one that supports manufacturing and one that supports all businesses to export across all continents. We need to grasp the fact that the European Union will not provide the answer; trade with the EU is already in decline and Britain needs to target new and expanding markets if it is to provide an economy that is robust and prosperous.
Our underlying reliance on services remains, something that has meant Britain is continually susceptible to economic slowdowns. The destruction of wealth creating industries and manufacturing since the late 1970s has created an economy where Britain can no longer trade its way out of any downturn.
In recent months Britain has seen its steel industry massacred. Billions were poured into propping up the corrupt banking system but there has been nothing more than hand wringing for the thousands thrown out of work.
Neoliberalist free market ideology is not working – it is failing Britain. Osborne hails the tax dodging payments of Google as a good deal for the country. No doubt he views the thousands now thrown on to the dole queues in a similar vein. It is evident that he should also join the queue of unemployed.