Downgraded Chancellor has lost all credibility

First Minister, Alex Salmond, has turned up the heat on Chancellor George Osborne, describing him as a ‘downgraded Chancellor without a remaining shred of credibility.’

First Minister, Alex Salmond, has turned up the heat on Chancellor George Osborne, describing him as a ‘downgraded Chancellor without a remaining shred of credibility.’

Commenting Mr Salmond said:

“ The Chancellor has now lost all remaining economic credibility. He has been downgraded by a second credit agency which once he boasted about.

“ He has spent the last week bickering with IMF economists whose support he once lauded. He will spend the next week with the UK economy teetering on the brink of a double dip recession.

“ The Chancellor has been deserted by his former friends and now stands alone.

“ His coalition partners now attack his cuts in capital spending. The back bench Tories on the Treasury Select Committee have exposed the flaws in his budget housing plans. The IMF economists have told him to change course, and the rating agencies have passed their own damning verdict on the collapse in his economic stewardship.

“ He is a downgraded Chancellor without a remaining shred of credibility.

“ This is the man who had the audacity to come to Scotland 18 months ago to sneer that the constitutional debate would damage the economy. The reality is that Scotland is outperforming the UK on every measure – inward investment, employment, unemployment and growth.

“ However we are well aware that it is George Osborne who has the capacity to damage Scotland’s recovery unless he changes course now.

“ We do not want to see more Scottish jobs sacrificed by Chancellor downgrade.”