History never repeats itself, but it does rhyme.
Rising debt, a Conservative led government tackling a global economic crisis, an incompetent policy devoid Opposition and a war of words with Argentina. Yes you’d be hard led to believe we weren’t back in the 1980s.
Today’s growth figures are a mixed bag. A contraction of 0.2% in the final quarter is of course bad news. Manufacturing continues on a worrying declining trend and future growth forecasts are being revised downwards daily. To compound the misery the national debt yesterday reached £1 trillion, a highly symbolic figure.
But its not all gloom and doom. There are signs that Plan A is working. The overall growth for 2011 was 0.9%. The rate of borrowing fell and is ahead of target. And let’s not forget our interest rates on the international markets remain incredibly low, showing that the markets still have confidence in George Osborne’s plan.
Yes the cuts are beginning to bite, and yes the medicine is a bitter pill to swallow, but like any ill patient we must continue to nurse them back to full health.