David Prosser: Osborne's political obstinacy risks asecond recession
Friday, 19 August 2011
Diggdel.icio.usFacebookRedditGoogleStumble UponFarkNewsvineYahooBuzzBeboTwitterCommentsPrintEmailText Size
Outlook Nothing, it seems, will persuade George Osborne to change his mind about Plan A for austerity. Not the shocking youth unemployment figures this week, which showed one in five 16-to-24-year-olds is without work, not further sell-offs on the stock market, and certainly not yesterday's retail sales figures, which revealed that stagnation on the high street is continuing.
Having enjoyed a resurgence, Keynes's economic views seem to have fallen from favour once again of late. But even if the Chancellor rejects every last argument made by the great man, he might reflect on the put-down with which Keynes so famously crushed an opponent who attacked him for a change of policy. "When the facts change, I change my mind," said Keynes. "What do you do, Sir?"