Osborne will change course, says Alistair Darling
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Alistair Darling today claims that George Osborne will inevitably have to change course to stimulate Britain's economy.
Writing exclusively in The Independent on Sunday, Mr Darling says the Chancellor is "not daft" and will already have realised that the Government's austerity drive had "choked off" growth. The coalition's rhetoric on the slowdown has already begun to shift to create "wriggle room" to alter its plans, he says.
The remarks come as Mr Osborne faces growing pressure to set out a clear plan for growth at the Tory party conference this week. Andrew Tyrie, the Tory chairman of the Commons Treasury select committee, claimed the Government has "a long way to go to arrive at a coherent strategy" for growth.
A poll of Tory party members for the ConservativeHome website found 42 per cent think spending should be reduced further to cut taxes. Mr Osborne yesterday appeared to rule out tax cuts before 2015. He emphasised the flexibility in his plans, but warned that abandoning his plan would lead to a big rise in interest rates, "the thing that would cripple British families with mortgages, destroy businesses, put people out of work".
With fears of a global recession, the FTSE closed down more than 1 per cent, ending the worst trading quarter in nine years.
Mr Darling, Labour chancellor when Lehman Brothers failed, said countries must "rediscover that spirit of international co-operation" seen in 2008. "We cannot afford to stagnate for a decade or even more," he writes.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments