David Cameron and George Osborne today insisted that Britain is “on the right track” as they briefed Cabinet colleagues ahead of a mini-budget expected to be dominated by bleak economic figures.

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The Prime Minister and Chancellor told senior ministers that the coalition Government was “equipping Britain to succeed in the global race”, and that everyone must make a contribution towards dealing with the UK’s debts “in a fair way”.

Economic forecasters expect Mr Osborne to be forced to extend austerity by one year, into 2018, today, due to lower than expected growth. And he may also have to ditch his target of putting the UK’s national debt on to a downward flightpath by 2015.

Mr Osborne’s autumn statement is expected to include some bright moments, with £5 billion for infrastructure spending – including £1 billion to build 10 new schools. And he is widely expected to postpone or scrap a 3p rise in fuel duty pencilled in for January, saving motorists an average £7.69 a month.

But the Office for Budget Responsibility is expected to revise down its GDP growth forecast for 2012 from the 0.8pc it expected in March to around zero, and to slash its 2013 prediction from 2pc to somewhere close to 1pc, giving the Chancellor little leeway for generosity.

Summarising the autumn statement at the end of a Cabinet meeting in 10 Downing Street, the Prime Minister and Chancellor told colleagues its central message was that Britain is “on the right track” and the Government was dealing with the country’s deficit and debts “in a fair way”, said Mr Cameron’s official spokesman.

They said that this means “that everyone must make a contribution and that we are equipping Britain to succeed in the global race”, the spokesman added.

13 comments

  • I think Ed Balls is having one of those, " Beam me up Scotty" moments. He is pathetic. Bring on the sub!

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    BG

    Wednesday, December 5, 2012

  • ingo wagenknecht - The whole country has been living it up on our childrens` futures as you put it for the past decade and more. We have been borrowing massively and living on credit well beyond our means. All to give us the good things in life - over generous benefits, PFI projects that bought us lovely hospitals and the like - personal credit a good number of people are now finding difficult to pay back because they were lured into thinking by the Iron Chancellor that there would be no more bust in our economy. He`s jumped ship and other people are now having to find the money to put it right. It was not only the people at the top of the pile that benefited from his generous ways but right through the classes to the bottom. So its only fair in my book that everyone contributes to put right his failures.

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    BG

    Wednesday, December 5, 2012

  • Using a word much favoured by Labour - Balls` performance today was an omnishambles. @ ingo wagenknecht you need to read the fine print. Workers will be getting a rise in their tax allowance to £9440 which is good news. We are at long last inching to an economy where work pays - living off the state if you can work is no longer an option which is why that group of individuals who used to refuse to work more than a set amount of hours "otherwise their benefits would be cut" are now seeking extra hours as their benefits are indeed disappearing.

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    BG

    Wednesday, December 5, 2012

  • omnishambles Didn`t Labour use the proceeds of the last mobile licence sale to pay off some of our mounting debt instead of investing it? Not a lot to choose between the political parties nowadays is there really except that George is far more eloquent that Ed.

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    BG

    Wednesday, December 5, 2012

  • In the words of the great Morcombe and Wise "We are on the right track, but not necessarily going in the right direction"

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    "V"

    Friday, December 7, 2012

  • We shall see what really changes, this statement is much of the same, riches to the rich and preferably sponged from those who work hard for a living. So what happened to the Lib dems mansion tax and what about bankers bonuses and self serving offshore circumnavigation of our corporate tax laws? Absolutely nothing. He's a vested interest lackey, a minority politicians who needs the yellow bellies to enrich his kind.

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    ingo wagenknecht

    Wednesday, December 5, 2012

  • BG, I'm not of any party persuasion, but detest these labels you attach. By not changing his overall course of action Osborne will increase the inflationary pressures on consumers. That 3p tax sob to the driving community will not make much difference, it pure PR. So what of the mansion tax? what off massively increased borrowing and the fact that his goals have been postponed until at least 2018. His back to work program failed abysmally, but young powder nosed Osborne feels good about it as he is living it up on our childrens future.

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    ingo wagenknecht

    Wednesday, December 5, 2012

  • BG. The money went on our banks. The banks this very chancellor is still cosying up to and has learned no lessons from.

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    Jeffrey Osborne

    Wednesday, December 5, 2012

  • You called, BG? Borrowing is going up. Poor old Georgie boy had to resort to using figures from the sale of 4G to save face today - he's not even sold them yet! If it wasn't for that the Titanic would now have been truly sunk.

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    Jeffrey Osborne

    Wednesday, December 5, 2012

  • He`s not the only one who is not happy. The wife doesn`t look too pleased with his performance either.

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    BG

    Wednesday, December 5, 2012

  • No my very point is that he is making assumptions on how much he will raise and putting it into the figures to hide what is really happening. He hasn't sold them yet!

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    Jeffrey Osborne

    Wednesday, December 5, 2012

  • tried to answer BG but comment was binned, not unusual.

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    ingo wagenknecht

    Thursday, December 6, 2012

  • His borrowing has increased, he failed his own targets and by carrying on along his path he will add inflationary pressures on consumers, Weimar republic eat your heart out.

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    ingo wagenknecht

    Wednesday, December 5, 2012

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