that inflation would rise to 4% or 5%, the Governor of the Bank Of England has now said that we can expect inflation to go up to 4% or 5% in the coming months, before falling back in 2012. The Bank governor noted that UK wages were stagnant and, coupled with high inflation; this had led to the longest decline in the real value of take-home pay in the UK since the 1920s.
Unemployment has also risen, with the private sector, which the coalition were relying on to push the economy in the right direction, only managing to create part time jobs.
Since the coalition has been in power, the recovery has gradually dropped off to a current -0.5%. [This they blamed on the cold weather, which was so cold it increased consumer spending!] But they insist they won’t be blown of course.
Mr Balls, who was given the shadow chancellor's role after Alan Johnson quit last week, said the 0.7% growth in the previous quarter was down to Labour's economic policies. He said: "We are seeing the first signs of what the Conservative-led government's decisions are having on the economy. "The fact is cuts which go too far and too fast will damage our economy. And shrinking growth and rising unemployment is not only bad news for families but will actually make it more difficult to get the deficit down.
"As the head of the CBI said only yesterday, this government has no plan for growth and it is taking political decisions regardless of the damage they will cause to job creation and business. Simply slamming on the brakes is not a credible economic policy."
During PMQ David Cameron was called ‘arrogant’ for his indifference to the suffering of the UK’s population, caused by his policies. He reiterated that they won’t be blown of course.
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