Economy on the mend

The British economy is healing says Chancellor George Osborne despite massive government cuts and the deep recession in the eurozone. So should Chancellor Osborne be congratulated on pulling off a minor miracle? Well he deserves some credit. The British economy will end the year in negative territory but there will be growth next year and unemployment is not expected to rise even further, according to the independent watchdogs. Now, to put this statement in context, if the Spanish government was given similar news they would be dancing in the streets. The independent watchdogs in Spain say that the economy will continue to contract and the jobless rate will rise. What is quite remarkable in these hard times is that more than one million new private sector jobs have been created which counterbalances the loss of employment in the public sector. Now, when Osborne announced that they would be helping to create thousands of private sector jobs I sincerely doubted that he would be successful. I was wrong, thankfully. Osborne can also be creditted for paying off part of Britain´s enormous deficit. Now, the Chancellor has enjoyed some bad press and has been accused many times of getting his sums wrong. He deserves a break. He does appear to be healing the British economy and he does deserve some credit and perhaps even an apology from some of his critics in the shadow cabinet, who got Britain into this mess in the first place.