George Osborne Completes his Transformation Into Gordon Brown

It’s becoming increasingly worrying to see Chancellor George Osborne emulating the failures of his predecessor, Gordon Brown. Not only has Osborne borrowed some of Brown’s failed policies, but it’s evident that he’s also continuing down the same gimmick-laden path.

Last night’s announcement of a law to enforce running a budget surplus was utterly baffling - a move that seems more like political theatre than practical policy. The new “Fiscal Responsibility Charter” states that from 2018, any UK government must run a surplus - but only in “normal times.”

The issue here isn’t whether a surplus is good or bad; that debate misses the point entirely. This is a distraction tactic, designed to prevent people from questioning Osborne’s motives or the practicality of his ideas.

There are some very straightforward reasons why this new law is nothing more than an empty gimmick.

First, the concept of “normal times” is highly subjective. All the Chancellor - or whoever holds the position in 2018 - needs to do is declare the times “not normal,” and the rules become meaningless.

While Osborne claims that the Office for Budget Responsibility (OBR) will define “normal times,” this isn’t entirely true. The Chancellor at the time will have significant discretion to interpret events, effectively nullifying the law whenever it’s inconvenient.

Secondly, who exactly is this law meant to bind?

Is it for George Osborne in 2018?

It seems absurd to pass a law to compel yourself to do something. The only plausible explanation is that Osborne either doubts his own self-discipline or knows the public doesn’t trust his promises without legislative backing.

Strangely enough, Gordon Brown attempted a similar gimmick in 2010. At the time, Osborne rightly criticised him, stating:

“Fiscal responsibility acts are instruments of the fiscally irresponsible to con the public… We have to debate this vacuous and irrelevant legislation before us, but it begs the question: why did the Chancellor (Gordon Brown) feel the compelling need to introduce it? There are only two explanations: either he doesn’t trust himself to secure sound public finances, or he knows the public doesn’t trust him to secure them.”

Is it for George’s successors?

Osborne hopes to be Prime Minister after Cameron steps down. If that happens, he wouldn’t need a law to force his Chancellor to follow his wishes; he could simply direct them to do so.

Is it for the next government?

Again, no. Any new government could simply change the rules or declare the times “abnormal” and ignore the law entirely - proving once more that this legislation means nothing.

Osborne’s credibility is rapidly eroding. As each day passes, he moves beyond being an industry joke and edges into the dangerous territory that Gordon Brown once occupied. It’s hard not to wonder if there’s something in the Treasury air that sends Chancellors into a downward spiral of gimmickry after a few years.

Lord help us if Osborne ever becomes Prime Minister.