August 15th, 2012

Osborne’s Olympic Hangover

If George Osborne were not putting his feet up he would surely be gloating about today’s latest unemployment figures, which show that the jobless rate has dipped to the lowest level since July 2011. Unemployment fell to 8% last month while over 130,000 new jobs were created. But Chancellor Zero should not be feeling too pleased with himself.

Stats released by the EU last night show that Britain’s economy is performing worse even than crisis-hit Spain. The UK shrank by 0.7% in the last quarter, more than Spain’s 0.4% decrease and outdone only by bankrupt Greece, Portugal and Cyprus. Meanwhile London’s businesses have reported an unexpected decline in sales during the Olympics, with the two-week tourists failing to make up for all those who deserted the capital. Recovery will be a marathon, not a sprint…


  1. 1
    Kebab Time says:

    Maybe he should start cutting then?

    Meanwhile , what MP has been tweeting and driving?

    Good thing it is not illegal eh ;)

  2. 2
    V1le Labour ruined my Country says:

    All tax is morally repugnant as it is wasted by thje Govenment, avoid all the tax you can.

  3. 3
    Nullbymouth says:

    Most of Spain’s misfortune is in construction and the debt held thereof. If you stripped that out (from UK and Spanish figures) they would outpace the UK by a very wide margin indeed.

  4. 4
    Ah! Monika says:

    11.26 still no correction. Bring Guido back from holiday

  5. 5
    ed martin says:

    By George – we were misunderestimating you!

    so we are employing more people – doing even less

    sounds like The Goons involvement in the construction of the Trans-African Balloon Canal (refer elsewhere for the script Smithers!)

    well done old boy

  6. 6
    Damn says:

    Looking forward to seeing the stats now the surge of temp employment for the Olympics is over.

    Osborne would be an idiot to gloat over this. He’d be leaving himself wide open for ridicule next month.

  7. 7
    The Bench says:

    3pts, band A fine. costs and victim surcharge, innocent until proven guilty etc etc

  8. 8
    Damn says:

    *more ridicule

  9. 9
    Ah! Monika says:

    Just in time. Relax Guido

  10. 10
    The EU says:

    Most of Spain’s construction jobs were paid for by the UK and Germany. if you think of what that money could have done if spent in the countries where the wealth was generated to pay for it….

  11. 11
    C. Huhne says:

    Just tell the plod it was your wife tweeting and you were in fact in Ulan Bator at the time.

  12. 12 says:

    A few things. First how reliable are the GDP figures from countries like France and Spain. We already know the EU’s accounts are not worth the paper they are fiddled on. So why should we believe that France has conveniently had two quarters of 0% growth?

    Also are the GDP figures calculated in exactly the same way in the UK as they are elsewhere? I do not trust the UK GDP figures, so why should anyone put any faith in those with a much more cavalier attitude to accounting?

    And for all those whinging about trade falling off during the Olympics it should catch up now that people are not glued to their TV screens all day long – as many have been.

  13. 13
    Londoner says:

    That’ll be unemployment for the Bulgarians and their Australian managers then

  14. 14
    Jess The Dog says:

    Gideon can sod off. Rail travel through the roof, just to get to work? We’re all in it together? Bollocks. I’m voting anyone else in 2015… and hopefully not required as it’ll be a Yes for Scottish independence in 2014. Edinburgh a lot closer than Westminster for pitchfork wielding mobs.

  15. 15
    The Public says:

    Like more money to EU coffers, and better Indian Space rockets?

  16. 16
    It's all over now says:

    Oh Danny Boyle, the pipes, the pipes were cauldron …and soon the leaves are fallin..

  17. 17
    The M11 says:

    How is the career doing these days?

  18. 18
    SP4BS says:

    If people weren’t spending money, they might be saving it, or reducing loans. They might not spend it. And that would be terrible for the GDP. It would be foul for such things to happen, disgracefully germanic.

  19. 19 says:

    Oh for the days when Labour were always talking about green shoots and they turned out to be nettles.

  20. 20
    Guy Fawkes says:

    What Is David Cameron For? Nick Wood…….. to build a bigger bonfire.

  21. 21
    Anonymous says:

    Maybe that our economy is too focused on the City and interesting banking methods rather than manufacturing and development. We should be developing new ideas and new industries and investing in the future of new ideas not clinging to the past. Any way if the majority of MP’s were running businesses they would be bankrupt within 6 months.
    Sack all MPs that would be a movement in the right direction for a start.
    Any legal actions with respect to money laundering? No, I thought not!
    George has a well proven financial pedigree? Well hasn’t he? So why worry?

  22. 22
    Nicola Clubb says:

    unemployment may be down, but who says it is going to stay down in a three months or next month. All of the jobs created were ones created for the Games and when the paraolympics is over in a few weeks unemployment will go right back up again

  23. 23

    What else can one expect by sticking to Labour’s spending plans?

    Nay, increasing them even!

  24. 24
    Stratford Job Centre says:

    The Olympics didn’t create jobs. Those people you saw were volunteers or already in the army. The rest were Bulgarians

  25. 25
    AC1 says:

    Cutting regulations like restrictions on sunday trading would be a good start.

  26. 26
    ajexp says:

    Unemployment fell to 8 million. bOLLOCKS

  27. 27
    AC1 says:

    GDP has become merely a measure of debt increase.

  28. 28
    Dobbie says:

    UK Jobless figures are not believable FULL STOP

  29. 29
    Nicola Clubb says:

    I will wait for a couple of months and then see if the figure is still down

  30. 30
    a non says:

    George won’t panic.
    For the stumbling economy he always has the Pole vault available.

  31. 31
    AC1 says:

    Was a lot of jobs for people to mill around train stations and bother people while wearing a brightly coloured jacket.

  32. 32
    Dobbie says:

    Gideon is a pain in the arse.

  33. 33
    Dobbie says:

    Abso- bloody- lutely.

  34. 34
    Anonymous says:

    Just like to say how this blog site is the bastion of free speech! Without it all controversial viewpoints would be smothered!!

  35. 35
    Lefties are thick, righties are nasty says:

    Hi Righties! How’s things today? Enjoying the craptocracy that passes for democracy here? Dave has fucked off on his holidays, Ed is busy sucking Unite cock, and Calamity Clegg is walking around desperately hoping someone will recognise him and ask for his autograph.

  36. 36
    Dobbie says:

    Can the military drive trains? I foresee another G4S moment on the West Coast Mainline.

  37. 37
    Malcolm Redfellow says:

    Anyone sussed there must be something odd about these employment numbers? How does employment ever improve while economic activity is deteriorating? Is there a true-blue-rinsed “job-creation” goodwill fairy around?

    Why are we not told whether the “jobs created” are full-time or part-time? Is there a gender divide? Are these all “Macjobs”?

    Come on, Fawkes: stop sneering — when not boosting the egos of Tory D-listers. Go and do some real factual digging. You never know: you might enjoy what you find.

  38. 38
    Red Ed says:

    If Ken Livingstone had been Mayor people would have come to see him, because he’s an economic genius who’s friends with such luminaries as Hugo Chavez, Fidel Castro and Mahmoud Ahmadinejad.

  39. 39 says:

    Neither are GDP figures, crime figures or any other figures that the state puts our way.

  40. 40
    Liarpoliticians says:

    The UK economy WILL NOT RECOVER until ALL these conditions are met:

    1) The government stops wasting taxpayers money, and has SERIOUS cuts to the public sector spending. So no £10bn+ black-ops internet spying system, and have a serious hacking of the out of control QUANGO’s (jobs for the boys).

    2) Stop printing fake quantitative easing money and LAUNDERING it through the UK economy.

    3) Raise interest rates to 2%+ IMMEDIATELY.

    4) Stop devaluing the UK Pound.

    5) Stop bailing out fraudulent banks that need to collapse.

    6) Stop bailing out failed businesses that deserve to collapse.

    7) Stop bailing out the fraudulent housing market, collapse the buy-to-let scam market.

    8) Stop stealing from savers and pension funds to bailout feckless borrowers (which includes the government).

    As not one of these things will happen, you can be assured the UK will be in economic dire straits for a whole load of years to come.

    Bloody Keynesians!

  41. 41
    Anonymous says:

    “London’s businesses have reported an unexpected decline in sales during the Olympics”

    Unexpected by whom?

    Tory fuckwits?

    Liblabcon fuckwits?

    Obviously couldn’t have been anyone who knows anything about the economic ‘benefits’ of the Olympics.

  42. 42
    Liarpoliticians says:

    Savers are buying gold and silver to protect themselves, this is hurting the central banks (ergo governments) BADLY as they are in league with one another to control the price of gold and silver, and pretend their worthless Ponzi Fiat currency has value, when it actually has none.

    Bare in mind, you can’t print gold or silver, but you can print unlimited amounts of paper for any denomination you like. Cash has no real value.

  43. 43
    Anonymous says:

    Especially not when it’s just normal seasonal variation.

  44. 44
    Rastus Ahmed O'Goldstein says:


  45. 45
    Jimmy says:

    Have I said “I told you so” yet?

  46. 46
    Ffyon says:

    Where’s my Willy?

  47. 47
    Broadsword calling Danny Boy says:

    Are you allowed to say that? Who let you even have a free thought? Come on now tell us who has been spreading these ridiculous ideas and we’ll make sure that it stops.


  48. 48
    Forkbender says:

    There is only a certain amount of money in the economy cash and bank balances, baring of course loans, HP,CC (folks shouldn’t be asked take out if they cannot pay back) so would they take any more money with increased wage costs.

  49. 49
    Dougie says:

    Not very convincing, Guido. First, Spain’s figures take 2 months to come out. We publish ours after 1 month, then revise them in subsequent months. Doesn’t make sense to do this comparison until the revised UK figures are published.

    Second, Andrew Lloyd Webber reported last week that his West End theatres’ takings were up 25% during the Olympics. Again, you shouldn’t be rushing to conclusions. Wait until the evidence is in.

  50. 50
    Forkbender says:

    Gideon is a lovely little fella, with that cheeky little little smirk of his

  51. 51
    Forkbender says:

    Many of the good ideas and inventions have been flogged for years now, certainly since the 1930’s with the jet engine, you name it and it has been flogged off. Why is it that when a car company is taken over in the UK and production is kept in the UK, suddenly by a miracle the company is coining the money in, could it be the answer lies at the very top of business

  52. 52
    Forkbender says:

    Don’t see why not, young women are driving them. How many of those squaddies will be joining the jobless queue, so see the unemployment ranks go up, of course Gideon might get his little conjuring box out, now you see it, now you don’t.

  53. 53
    Forkbender says:

    Will he do a Broon, it’s not my fault, it’s everyone else’s

  54. 54
    Forkbender says:

    Tha’s forgotten a biggy, Trident, last talked about a few years ago @ £24Billion how much now as the £ has sunk against the $

  55. 55
    Forkbender says:

    “Obviously couldn’t have been anyone who knows anything about the economic ‘benefits’ of the Olympics” or any other big side show in close proximity to retail outlets.

  56. 56
    Forkbender says:

    Margaret said everyone should have one

  57. 57
    Mark Austin says:

    Guido said: “Meanwhile London’s businesses have reported an unexpected decline in sales during the Olympics, with the two-week tourists failing to make up for all those who deserted the capital.”

    This is wrong. This was predicted by many people. Since the bginning of mass tourism, there has never been an Olimpics where tourism has not dropped.

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