No confidence in Tory economic policies

The news today that George Osborne has once again made himself look like a clown will not come as a surprise. He has now lost so much credibility in financial circles (and this blog should know) that his latest gaffe has been met not with a sigh of relief but a yawn of contempt.

It is clear to the voters in Medway that they risk economic uncertainty with this man in charge of the finances. If he can not get his simplest facts correct for a political briefing, what on earth will he be like managing the government books?

The George Osborne mistake today could not come at a worse time, as polls predict a narrowing of the Tory lead, emphasising how the Conservatives have failed to connect with the public in any substantive way. This is not a 1997 moment.

As the polls do not point to a victory - elected Tories everywhere must now be wondering whether it is worth there Council seats to support Cameron, only for him to go down like a lead balloon, after he cuts the public services in less than four months?

A recent Com-Res survey, commissioned by the Indpendent, found that 82 per cent of people want Mr Cameron to be clearer about what he would do on the economy – including 82 per cent of Tory supporters. Only 24 per cent believe the recession would have ended sooner if the Tories had been in power, while 69 per cent do not.

The Tory leader is flailing. He moved from 'Austerity rules' in 2009, to stating that he would not see through "swingeing cuts" in the 2010-11 financial year, after official figures last week showed only a fragile economic recovery.

George Osborne, the shadow Chancellor is aware that he has left his flank exposed. His spider-like eight point 'masterplan' today was nothing but vague platitudes for a 'solid' economy. He is simply hiding the fact that over the last seven days the Tories have been found wanting.

David Cameron should level with the British people. If he refuses to be clear, if he will not be honest, people will conclude that – for electoral reasons – he is hiding the truth and that the Conservatives' proposed cuts will indeed eat into the recovery and throw Britain back into recession and lost jobs.

The fact is that George Osborne has not got his facts straight. His mistake with Lord Stern today highlights that he simply isnt up to scratch. The City of London thinks that George Osborne is a light weight with a poor understanding of economics.

The full story on the Lord Stern mistake is reported in the Evening Standard and on Sky. George Osborne announced he was “delighted that Lord Stern has agreed to advise us on the creation of this Green Investment Bank”. Only for Lord Stern to say later. “I should stress that I am not, and have no plans to be, an adviser to any political party.