Booms And Slumps

Chancellors of the Exchequer like to claim that they control capitalism but in fact they are controlled by capitalism. 'On December 3rd, George Osborne, the chancellor of the exchequer, in his Autumn Statement, announced plans to turn Britain's deficit, which stood at £108 billion ($169 billion) last year, into a surplus of £23 billion by 2020. Because the government does not want to raise taxes to fund these plans, public spending is forecast to fall from 41% of GDP today to just 35% by the end of the decade.' (Economist, 20 December) Osborne's attempt to control capitalism is futile it will boom and slump beyond his control. RD