Blow, Wind Blow

Chancellor George Osborne blamed the weather on Britain's much predicated tilt back into recession. The ONS figures suggest much of the 0.5% 'negative growth' was a sharp contraction in the construction industry. The drying up of orders coincided with the cancellation of the Building for Schools project by Michael Gove, deemed like all Labour projects facing the axe, as "wasteful and beauracratic."

This orthodoxy of cutting public costs regardless of strategic, economic or social need leads to bizarre and perverse outcomes such as the destruction of the brand new fleet of Nimrods (pictured).

There is certainly enough time between now and the election to declare full responsibility for the stewardship of the econmy on the Coalition. Osborne, in Opposition, always selected the political rather than economic argument - his ideology and inexperience are dragging the country back into recession quite unneccessarily. There is little mentioned about growth these days, rather the package of painful austerity cuts is sold like some psychological guilt about the prosperous era under Labour.

To be defined as a recession the economy would have to be below zero growth again next quarter. No bookie would take odds on that. The VAT increase looks like guaranteeing it. The next quarters will inculde the first impact of the huge cuts so there could be no end for a little while. And all despite desperate assurances from George that it was the weather. Certainly it was economic weather and Capn George is down below biting on his finger wishing the waves away.