{"id":3982,"date":"2012-03-27T18:09:17","date_gmt":"2012-03-27T22:09:17","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=3982"},"modified":"2012-03-27T18:09:17","modified_gmt":"2012-03-27T22:09:17","slug":"budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/27\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\/","title":{"rendered":"Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs"},"content":{"rendered":"<p><strong>Ambrose Evans-Pritchard:<\/strong> The underlying ghastliness of the British predicament remains. [Government] Spending as a share of GDP has ratcheted up from 35pc at the end of the 1990s to the Brownian peak of 51.7pc in 2009 (Eurostat), an all-time high in peace-time. It came back slightly to 50.4pc in 2010.<\/p>\n<p>This debacle happened over a decade when a string of countries were slimming down the Leviathan state. Germany and Holland are now leaner than Britain.<\/p>\n<p>Eurostat\u2019s total government spending as a share of GDP for 2010 (the latest available) shows:<\/p>\n<p>France 56.6<br \/>\nSweden 52.7<br \/>\nUK 50.4<br \/>\nItaly 50.3<br \/>\nGermany 47.9<br \/>\nNorway 45.8<br \/>\nSwitzerland 34.2<\/p>\n<p>The US, Japan, Canada, and Korea are all much lower, and China is much lower yet.<\/p>\n<p>This state burden is the macro-economic killer. It is a far more relevant than the tax take as a share of the economy, since it includes borrowing (ie deferred taxation).<\/p>\n<p>via <a href=\"http:\/\/blogs.telegraph.co.uk\/finance\/ambroseevans-pritchard\/100015790\/budget-2012-george-osborne-averts-a-slow-national-rot\/\">Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ambrose Evans-Pritchard: The underlying ghastliness of the British predicament remains. [Government] Spending as a share of GDP has ratcheted up from 35pc at the end of the 1990s to the Brownian peak of 51.7pc in 2009 (Eurostat), an all-time high in peace-time. It came back slightly to 50.4pc in 2010. This debacle happened over a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/27\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,33],"tags":[],"class_list":["post-3982","post","type-post","status-publish","format-standard","hentry","category-economy","category-uk-europe-countries-regions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Ambrose Evans-Pritchard: The underlying ghastliness of the British predicament remains. [Government] Spending as a share of GDP has ratcheted up from 35pc at the end of the 1990s to the Brownian peak of 51.7pc in 2009 (Eurostat), an all-time high in peace-time. It came back slightly to 50.4pc in 2010. This debacle happened over a &hellip; Continue reading &quot;Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/27\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-27T22:09:17+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs\",\"datePublished\":\"2012-03-27T22:09:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/\"},\"wordCount\":162,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"articleSection\":[\"Economy\",\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/\",\"name\":\"Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2012-03-27T22:09:17+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/03\\\/27\\\/budget-2012-george-osborne-averts-a-slow-national-rot-telegraph-blogs\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\",\"name\":\"Colin Twiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"caption\":\"Colin Twiggs\"},\"description\":\"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\\\/\\\/facebook.com\\\/people\\\/The-Patient-Investor\\\/61572934660810\\\/\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\",\"https:\\\/\\\/au.linkedin.com\\\/in\\\/colintwiggs\"],\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/investor\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Budget 2012: George Osborne averts a slow national rot \u2013 Telegraph Blogs - the patient investor","og_description":"Ambrose Evans-Pritchard: The underlying ghastliness of the British predicament remains. 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This is the paradox\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6467,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/12\/new-research-from-finlands-central-bank-confirms-that-government-spending-is-causing-stagnation-in-europe-international-liberty\/","url_meta":{"origin":3982,"position":1},"title":"New Research from Finland\u2019s Central Bank Confirms that Government Spending Is Causing Stagnation in Europe &#124; International Liberty","author":"Colin Twiggs","date":"December 12, 2012","format":false,"excerpt":"Dan Mitchell reports on new research from the Bank of Finland: Europe suffers from a growth slowdown. The GDP growth in Europe has lagged behind the GDP growth in the US and has been far worse than the GDP growth in the NIC countries, particularly China\u2026 However, what is the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47634,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/24\/the-shell-game\/","url_meta":{"origin":3982,"position":2},"title":"The shell game","author":"Colin Twiggs","date":"January 24, 2024","format":false,"excerpt":"An interesting discussion with Prof. Percy Allan from University of Technology, Sydney regarding what caused declining economic growth in recent decades. The chart below shows how real GDP growth in the US declined over the past sixty years -- from a 10-year average above 4.0% to a low of 2.2%\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Real GDP Growth","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":6735,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/17\/sweden-has-reformed-its-welfare-state-to-deliver-both-efficiency-and-equity-europp\/","url_meta":{"origin":3982,"position":3},"title":"Sweden has reformed its welfare state to deliver both efficiency and equity &#124; EUROPP","author":"Colin Twiggs","date":"February 17, 2013","format":false,"excerpt":"Will Tanner writes: At face value, the Swedish welfare state is an unlikely poster child for sustainable government. In 2011-12, government spending was 53.1 per cent of GDP, paid for by taxes on the average worker of 42.7 per cent. The country\u2019s \u201ccradle to grave\u201d social security system has long\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22042,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/10\/17\/defying-gravity\/","url_meta":{"origin":3982,"position":4},"title":"Defying gravity","author":"Colin Twiggs","date":"October 17, 2020","format":false,"excerpt":"Retail sales growth (excluding food) jumped to 8.2% for the 12 months ended September, completing a perfect V-shaped recovery. Hard to believe, when we consider that GDP growth was a dismal -9.0% in Q2 (Y\/Y) and Jim Stock's Weekly Economic Index is still at -3.91% for the week ending October\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":544,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/31\/polish-economy-defies-europes-woes-wsj-com\/","url_meta":{"origin":3982,"position":5},"title":"Polish Economy Defies Europe&#8217;s Woes &#8211; WSJ.com","author":"ColinTwiggs","date":"August 31, 2011","format":false,"excerpt":"Poland's economy expanded robustly in the second quarter despite slowing growth in the euro zone, outpacing Central European peers more dependent on exports to Germany. ......Much of the strength in Poland's domestic demand was the result of government spending on infrastructure, supported with European Union subsidies, which more than offset\u2026","rel":"","context":"In &quot;The Big Picture&quot;","block_context":{"text":"The Big Picture","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/the-big-picture\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/3982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=3982"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/3982\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=3982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=3982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=3982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}