In the weeks after he took office, George Osborne justified his austerity programme by claiming that Britain was on “the brink of bankruptcy”. He told the Conservative conference in October 2010: “The good news is that we are in government after 13 years of a disastrous Labour administration that brought our country to the brink of bankrutcy.”
The Conservatives have constantly tried to portray the Labour party as less than competent with the economy, and more recently the government made facetious jibes about “magic money trees” being required to fund Labour’s promising anti-austerity manifesto, which backfired. In fact the Conservatives have even claimed, rather ludicrously, that the opposition is “dangerous”.
However, back in 2012, Robert Chote, head of the Office for Budget Responsibility (OBR) formally rebuked Osborne for his intentionally misleading “misinformation” and dismissed with scorn the “danger of insolvency” myth that has been endlessly perpetuated by the Conservatives.
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