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Osborne defends plans for the economy

George Osborne says action taken since the coalition was formed and the action it will take in the spending review is putting the country on the road to growth.

Speaking today at the Conservative Party conference in Birmingham, the Chancellor said the £6.2bn reduction in spending gave Britain a breathing space in the face of the European debt crisis.

He said: “Within 50 days we had restored confidence at home and abroad in Britain’s ability to pay its way in the world with a bold emergency Budget and now we are a fortnight away from completing a fundamental review of public spending that will put this countries finances on a sustainable path for years to come.”

He added: “Every day as Chancellor I see alerts telling me of risks, but we meet here in an atmosphere of relative calm, not raging crisis a measure of what we have achieved over the last five months.”

He also said the UK had “no divine right to be one of the richest countries in the world” as economic power shifts eastward, adding that skills, infrastructure and education are vital in securing future growth.

“We will do everything we can to make Britain one of the most competitive places in the world to do business,” he said.

He said he wants Britain to be the home of successful financial services but warned banks over lending to businesses.

He said: “Let me make this clear today. We will not allow money to flow unimpeded out of those banks into huge bonuses if that means money is not also flowing out in credit to the small businesses who did nothing to cause this crash and suffered most in it.”

The party should take pride, he said, in having restored the link between pensions and earnings.

The Chancellor announced a cap on the amount of welfare any one family can receive. He said: “Unless they have disabilities to cope with no family should get more from living on benefits than the average family gets from going out to work.”

Osborne responded to critics who say the approach to cuts is symptomatic of an ideological approach by stressing that he believes in public services.

He said: “Modern government exists not just to provide resolute security at home and abroad, but also to provide the best in education and health care and support for the big society this is at the heart of my one nation conservatism.”

“And I believe in fairness, that country is stronger when there is opportunity for all and effort is rewarded and help is given to those in need, that poverty scars us all and that the vulnerable deserve our protection.”

He added: “And I also believe that all this is only possible with an aspirational economy, and entrepreneurial economy a capitalist economy.”

He attacked Ed Miliband’s views on deficit reduction suggesting the new Labour leader and Union leaders had set themselves up against the governor of the Bank of England, credit ratings agencies, business groups, the European Commission, David Miliband and Tony Blair. “The national interest or the vested interest? I know which side we are on,” he said.

 

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Mr. NVSN Murthy, Research Scientist, A temporary v 4th October 2010 at 5:08 pm

    Happiness of people is the real economy of a nation and all other things are traps.

    The mechanism that makes the people happy is called economics.

    GDP, Forex, Sensex and Inflation are not elements of economy, therefore they cannot measure the economy of a nation.

    NVSN Murthy, Research Scientist.
    A temporary visitor on earth re-scripting concepts & redefining needs

  2. NVSN Murthy, Research Scientist, A temporary visit 4th October 2010 at 5:13 pm

    An Universal Peace Pill:

    Do not do for others what you do not want others to do for you.

    Adopt “LoveAll-HateNone“ philosophy originated from Humanity, therefore Humanity is the essence of all religions, faiths and philosophies of our acquisitive world.

    Most importantly, for all those who believe in God, Humanity is the visible form of God.

    We acquire everything only to carry nothing.

    A true religious mind knows no religion since GOD knows no religion.

    No one is bad since everyone belongs to God.

    Laws not built on humanity do not last longer.

    NVSN Murthy Mr., Research Scientist.
    A temporary visitor on earth currently passing through Asian soil and attempting to promote humanity and friendship for causing Peace, Progress and Prosperity to the people and nations of our mother planet earth.
    Past address: Unknown
    Present address: Earth
    Future address: Unknown
    An Universal Peace Pill:
    Do not do for others what you do not want others to do for you.
    Adopt “LoveAll-HateNone“ philosophy originated from Humanity, therefore Humanity is the essence of all religions, faiths and philosophies of our acquisitive world.
    Most importantly, for all those who believe in God, Humanity is the visible form of God.
    We acquire everything only to carry nothing.
    A true religious mind knows no religion since GOD knows no religion.
    No one is bad since everyone belongs to God.
    Laws not built on humanity do not last longer.
    NVSN Murthy, Research Scientist.
    A temporary visitor on earth currently passing through Asian soil and attempting to promote humanity and friendship for causing Peace, Progress and Prosperity to the people and nations of our mother planet earth.
    Past address: Unknown
    Present address: Earth
    Future address: Unknown

  3. NVSN Murthy, Research Scientist, A temporary visit 4th October 2010 at 5:18 pm

    Good people give smiles, other give tears.

    Neither individuals nor institutions nor nations become leaders by following or copying the other.

    Therefore, make laws, rules and regulations relevant to the nation since the needs, problems, priorities and culture of different nations are different.

    Success seldom comes by following or copying or imitating, this analogy is true for individuals, institutions and nations.

    Genuine leaders follow heroism and seldom choose beaten tracks since following is a fault, copying is a crime and imitating is an offence.

    NVSN Murthy, Research Scientist and a temporary visitor on earth redefining fundamentals.

  4. NVSN Murthy, Research Scientist, A temporary visit 4th October 2010 at 5:26 pm

    Hiring risks:

    Qualification seldom qualifies anyone for employment, percentage of marks does not mean merit, age does not mean maturity, experience does not mean knowledge, talent does not mean wisdom, sincerity does not mean creativity, drive does not mean determination, motivation does not mean innovation and honesty does not mean productivity and outspokenness does not mean output.

    Therefore, employers must develop exacting tools to measure performance and creativity essential to assess usefulness and wage-worthiness. Individuals, Institutions and nations ignoring these facts end up in recruiting non-contributors and non-performers.

    Change is challenging:

    Only a change can change a change and change alone can challenge a change along with the inevitable uncertainties associated with every change. These are the real challenges of life for the present and future generations.

    Uncertainties:

    Uncertainty is more certain and more inevitable than the most inevitable change and challenges.

    Thus, entrepreneurs must be more vigilant than never before since emerging technologies demanding abrupt changes need abnormal potential to absorb changes and challenges associated.

    Measure-worthy elements of a person:

    Money, power, position, popularity, personality, qualification, experience and age of a person are not measure-worthy since performance and contribution alone matters.

    Limitations of science:

    So far, science has miserably failed to understand the nature, its secrets and several things happening around. For reasons best known to all concerned, man-made tools like science, engineering and technology continue to fail, in spite of this hard reality, we must continue respect science since it carries the entire potential essential to add sweetness and flavour essential to make life worth living and enjoyable.

    This fact is nothing but truth. Therefore, let us go along with the nature as thoughtfully did by the wisest and the most knowledgeable ancient people of our planet.

    The need of the hour:

    Sow humanity and reap peace, sow peace and reap progress, sow progress and reap prosperity and sow prosperity and reap endless happiness.

    Therefore – Humanity is my caste, Humanity is my community, Humanity is my religion, Humanity is my creed, Humanity is my race, Humanity is my tribe, Humanity is my region, Humanity is my nationality, Humanity is my language, Humanity is my mother-tongue, Humanity is my consideration, Humanity is my philosophy, Humanity is my approach and Humanity is my way of life. Finally, Humanity is my whole world.

    Farmer’s Role:

    Politicians in power seldom comeback to power by ignoring farmer, politicians aspiring power seldom come to power by ignoring farmer, political parties ignoring farmer do not survive.

    Cause and cure of death:

    Death means UNWILLINGNESS to change.

    NVSN Murthy, Scientist
    A temporary visitor on earth melting hearts and merging people across the globe through humanity and friendship for causing peace, progress, prosperity and endless happiness to people and nations since life on earth is a one-time gift of GOD and hence, certainly worth living without causing and inviting tears.

    Past address: Unknown
    Present address: Earth
    Future address: Unknown

  5. NVSN Murthy, Research Scientist, A temporary visit 4th October 2010 at 5:32 pm

    Commonsense and its scarcity

    Commonsense is the essence of kinks of knowledge available to human beings on earth.

    Therefore, commonsense has become the most uncommon commodity on earth ever since the birth of earth.

    Unfortunately this priceless commodity is becoming more and more uncommon day-by-day, therefore due to its unavailability, we seldom apply this priceless commodity to solve problems.

  6. NVSN Murthy, Research Scientist, A temporary visit 5th October 2010 at 6:37 pm

    Happiness of people is the real economy of a nation and all other things are traps.

    The mechanism that makes the people happy is called economics.

    GDP, Forex, Sensex and Inflation are not elements of economy, therefore they cannot measure the economy of a nation.

    NVSN Murthy Mr., Research Scientist.
    A temporary visitor on earth re-scripting economy and economics.

  7. NVSN Murthy, Research Scientist, A temporary visit 5th October 2010 at 6:41 pm

    Uncertainties:

    Uncertainty is more certain and more inevitable than the most inevitable change and challenges.

    Thus, entrepreneurs must be more vigilant than never before since emerging technologies demanding abrupt changes need abnormal potential to absorb changes and challenges associated.

    NVSN Murthy, Research Scientist and a temporary visitor on earth re-defining goals.

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