GDP Shock

To make an understatement the news this morning that GDP contracted rather than grew or flat lined in the last quarter of 2010 was disappointing. This has come as a late Christmas present for Labour and you can visibly see them gloating. I have considerable faith in George Osborne though to remain both unflappable and focused despite this news. I went to a Centre for Policy Studies event shortly after Osborne was appointed Shadow Chancellor where at the age I think of 34 he gave the most accomplished speech to 100 or so of us and satisfactorily answered all the questions put to him, many of them somewhat hostile. Osborne impressed me then by his coolness and intelligence and I just sincerely hope he resists the huge pressure he is now under to change tack and that he uses the budget to announce some really significant measures to boost growth. The country cannot afford to go back again to the bankrupt policies of the last Labour government as personified by its present leaders, Miliband, Balls etc. What a catastrophe they were.