In the Financial Times, over 50 senior economists have written a letter demanding that Alistair Darling, Chancellor of the Exchequer and George Osborne, Shadow Chancellor, do not make premature cuts to public spending. The world-class economists believe that the deficit should be financed until the economy is more stable and that if spending cuts are made at this point, the UK could spiral into a disastrous 'double-dip' recession.The financial crisis has already terrible consequences for people all over the UK. Jobs have been lost, businesses closed and homes respossessed. Unemployment has risen to around 2.5 million and, as the letter-writers point out, the UK economy 'is not yet on a secure recovery path'.
It's vital that our leaders don't play politics with our recovery in an election year. 'Consolidation', or cuts in our public services, are too dangerous to be used as an election bargaining chip. Darling and Osborne should both publicly commit themselves to not making damanging cuts before its clear that the economy really has turned the corner towards recovery. Sign the petition to the Chancellor and Shadow Chancellor.
