Thursday, 2 August 2012
Another Cable cut off.
Any hopes that Vince Cable had of becoming the next Chancellor were today wiped out after David Cameron told Sky News that George Osborne is here to stay until the next election in 2015.
The news will be a welcome relief for Mr. Osborne, who's popularity has plummeted so badly recently that only 2% of tory members said in a recent poll that they thought think he would be the most able to be next party leader.
There was intense speculation surrounding Mr. Osborne last week when the economy contracted for a third straight quarter between April and June prompting renewed questions about UK economic policy and the overall pace of deficit reduction
Tory backbencher Nadine Dorries recently called for Cameron to replace Osborne with Foreign secretary William Hague and earlier today Mel Stride, a Conservative ministerial aide, called on George Osborne to do something 'pretty dramatic' to get the country out of its ‘economic mire’.
Seems as though the Chancellor must have been listening because today he's made £80 billion available for the Funding for Lending Scheme to replace the National Loan Guarantee scheme that allows banks and building societies access cheap loans through the Bank of England.
Labour attacked the move with Shadow Treasury Financial Secretary Chris Leslie saying tonight that he is concerned the scheme is not focused enough on SME lending and is a panic measure instead.
A bit cheap considering the amount of panic measures we had under Gordon Brown!
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