According to 100 of the UK’s leading economists, Chancellor Osborne should take drastic measures immediately in order to avoid another recession. They are calling for a ‘Plan B’ in order to salvage existing jobs whilst creating new ones in order to forestall an economic catastrophe.
These leading experts are saying that the chancellor must take another look at his strategy, rethink it, in order to kick-start economic growth which could save the UK from a double dip recession. Unemployment is a growing concern and these measures are needed to keep the standard of living from falling farther than it already has.
As Mr. Osborne rigidly observes the austerity programme, these economists warn that this just isn’t working. They are stating that “wave after wave” of evidence is proving that the British economy is failing and it is not an option to do nothing. The group is proposing measures which have been proposed by leading economists and academics which they are calling Plan B.
They are calling for an immediate cessation of governmental cuts in order to protect jobs in both the public and private sectors. As well, the group is asking for further QE aimed at providing new jobs and they are asking for increases in benefits for low and middle income workers.
Other measures include a special tax in the City for investments in energy, the building of houses and transport. Their focus is on pulling the economy up from its current sluggish state. Consumer wages have fallen to record lows which prevent consumers from spending.
Inflation is difficult to keep up with and middle as well as low income workers are faced with the biggest income and standards squeeze we have seen in decades. Whether or not the chancellor will heed these warnings is unclear, but to date he is not budging from the coalition’s austerity programme.
