backdrop on the world went to war of course deep bunking economics all over the world what about george osborne let's spend some time debugging george's board he's not an economist but he still managed to run the u.k. economy into the ground the office of national statistics says middle income household income in the u.k. is down five thousand pounds in two thousand and eight. politicians believe what they think of the experts because they want to have as little numbers they can quote insane front of the say that it's all going to be wonderful in the future and they end up being suckers for an economic discipline that has no idea of how the economy operates didn't see this crosses coming in they would vos has actually made it was on the trouble is all as well as following that advice so i was driven the economy down and the only way i can see up is by causing another housing bubble which is where you know what i call i will help to they call it help to buy i call it help to sell has turned up so you've got another property bubble another asset speculation revival going on here that's about as f

is a clown spotted in norfolk i'm not sure if it was george osborne but he looks quite similar with his autumn statement no one thing that was reporting on the state of the u.k. economy i think was the u.k. guilt because in the march budget ten year gilts were trading at one point eight percent with the autumn statement is now at two point nine two percent so let's look at some of the lies that he had to tell in order to make the economy here look better well workers' overall pay has not fallen insists george osborne george osborne is to claim that workers overall pay has not fallen despite official figures showing that the wages of middle income families have dropped by five thousand pounds over the past five years so that's a drop of six point four percent according to the office of national statistics george osborne is saying those are a lie he's going to come out with his own report to show that in fact those numbers are deceptive yeah george osborne is thought so much a clown as he is one of these french minds and but he speaks which is kind of interesting for a mind he's more

backdrop on the world went to war of course deep bunking economics all over the world what about george osborne let's spend some time debugging george's board he's not an economist but he still managed to run the u.k. economy into the ground the office of national statistics says middle income household income in the u.k. is down five thousand pounds in two thousand and eight. politicians believe what they think of the experts because they want to have as little numbers they can quote and say in front of that say that it's all going to be wonderful in the future and they end up being suckers for an economic discipline that has no idea of how the economy operates didn't see this crosses coming in their advice is actually made it was on the trouble is all as well as following that advice so i was driven the economy down and the only way i can see up is by causing another housing bubble which is where you know what i call with the help to they call it help to buy i call it help to sell has turned up so you've got another property bubble and other assets because going on here that's about as far as

is a clown spotted in norfolk i'm not sure if it was george osborne but he looks quite similar with his autumn statement no one thing that was reporting on the state of the u.k. economy i think was the u.k. guilt because in the march budget ten year gilts were trading at one point eight percent with the autumn statement it's now a two point nine two percent so let's look at some of the lies that he had to tell in order to make the economy here look better well workers overall pay has not fallen insists george osborne george osborne is to claim that workers overall pay has not fallen despite official figures showing that the wages of middle income families have dropped by five thousand pounds over the past five years so that's a drop of six point four percent according to the office of national statistics george osborne is saying those are a lie he's going to come out with his own report to show that in fact those numbers are deceptive yeah george osborne is thought so much a clown as he is one of these french mind and but he speaks which is kind of interesting for a mind he's more o

george osborne is to claim that workers' overall pay has not fallen despite official figures showing that the wages of middle income families have dropped by five thousand pounds over the past five years so that's a drop of six point four percent according to the office of national statistics george osborne is saying those are a lie he's going to come out with his own report to show that in fact those numbers are deceptive yeah so much a clown as he is one of these french mine and but he speaks which is kind of interesting for a mind he's more of a friend of mine it's a part of my show and he believes that these numbers do not tell the truth these are all real aggrieved the famous french artist who would say the. people.

it so we have you here today to help us get through some of these comments by the chancellor george osborne who gave his autumn statement last week and he says it's boom times but foreign trade and fixed investments are declining household debt fuel consumption is rising and the worst drop in living standards in the u.k. sense the victorian era lim what's going on the first things those about the autumn statement max is that it was late it was an early winter statement rather than an old some statement it was also edge forward in the diary because george osborne and david cameron of course was go to china in order to raise some new it would investment for the u.k. so that just shows you where the balance of power is but this is always going to be a political trial for osborne he's had the biggest upgrade in growth for cost between fiscal statements for fourteen years in this country what really worries me is that even though yes the deficit is falling the debt in this country is massively spiraling and we must service all that also it's the wrong kind of growth you know the estimates for co

thank you, george osborne, for joining us. let me ask you to begin with you've been touting britain's growth. you've written an op-ed in the wall street journal. of course there are a lot of people who say britain's recovery has been very weak. the weakest in g-7 other than italy and there is a specific charge made, which is that it was your austerity program, especially the spending cuts, that is responsible for this weak recovery. let me read to you something larry summers said on british television. he said britain's economic policies, meaning yours, are powerful test of the efficacy of determined resolute austerity. and the results so far certainly have not been encouraging to advocates of that strategy. what is your response? >> if you look at the situation the u.k. found itself in, we had one of the deepest recessions of any of the major economies in the world. gdp has shrunk. by over 7% of gdp. we had largest banking crisis of any financial center. biggest bank bailout. and we exited with a high budget deficit. 11% budg

max george osborne perhaps the most terrifying clown of all actually want to take a look at this image here this is a clown spotted in norfolk i'm not sure if it was george osborne but he looks quite similar with his autumn statement no one thing that was reporting on the state of the u.k. economy i think was the u.k. guilt because in the march budget ten year gilts were trading at one point eight percent with the autumn statement it's now at two point nine two percent so let's look at some.

george osborne gives the autumn statement in just over an hour. time when the uk's the best-performing economy in the g7. manus cranny joins us live. osborne goes to dispatch with a strong set of data. you have a couple guests, what is the cement -- what is the sentiment? the data is a strong. construction, housing, manufacturing, services took a dip. i talked to someone who was skating in terms of you promised we would be at this point a long time ago. great but there are structural problems. brothers gating approach from -- rather skating approach. then we talked to the head of the british chambers of commerce. he said it is about as this rates. they are a perverse tax. we are out of line with small and medium with other -- we are out of line with other countries for small and medium enterprises. austerity is not done. austerity to be affected between now and 2016. osborne is unlikely to give a great deal away. he wants to stay the course of prudence. >> he certainly does. there have been leaks about the statement. what is left for the chancellor

british chancellor george osborne may have reason to gloat. >>> and china's financial institutions are warning against trading bitcoins as the bank admits while there are risks, it could still use the currency. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. hello. a warm welcome to the program. the government has just unveiled an $18.6 trillion yen stimulus package which includes 5.5 trillion yen in fresh spending measures. this is to offset the accuracy in the sales tax which is coming in in april which raises the rate effectively from 8% to 5%. it follows the unveiling of a 10.3 trillion package back in january. a number of measures will be expected as far as this package is concerned. particularly for those on the lower income as well. we will get those measures as soon as they are announced in detail. >>> also coming up on today's show, hopes fade at wto talks as food sebsydys remain the sticking point. we'll be in bali to get the latest on the push for a trade deal. >>> not loving it. fast food workers go on strike over low pa

serial killers royal bank of scotland who put this he's out of his misery well what will that george osborne know because he's busy pull dancing though the globe of the race and that loads look in your book little by little the . turnover at this chemist has dropped by seventy percent because of course they have these disgusting gross aggressive beggars outside the shop every day these goons saying you know give us their money give us some more money give us some more money shaking down let's look at how much they've shaken down this just this one firm in three years under g r g the global restructuring group the company claims to have paid one hundred thirty thousand pounds in fees to georgi and clearing a thousand pounds monthly charge seventy thousand pounds an invoice financing fifty thousand pounds for an outside turnaround adviser. twelve thousand pounds in valuation fees forty thousand pounds in additional interest payments has an outstanding interest rate hedging product that has so far cost about seven hundred thousand pounds so this is the aggressive begging the bag-o. crat class l

well a string of independent housing experts have publicly warned that help to buy launched by george osborne in this year's budget to give people a lift on to the property ladder will overheat the housing market and detonate a bomb under the british economy yeah they use that language detonate a bomb detonate a bomb a financial bomb sounds like you know car bomb or suicide vest or suicide banker or financial terrorist i mean except that it's not just a matter metaphor it's real they're causing wide scale social catastrophe it's. well it's social engineering and command and control just like we see in north korea and it's caused in north korea an uncontrollable financial catastrophe so people must die because kim jong un and his family will not look at it take blame for it just like here now one thing a similar response i see in dubai and this image right here which is a billboard from a property company called keep calm there's no bubble this is a good idea for george osborne he should import them into the u.k. . every culture has its own flavor of propaganda and i guess this billboard works

of control serial killers royal bank of scotland who put this he's out of his misery well wolf george osborne nobody goes full dancing though the globe of the race and the globe look to your book look at bible the. turnover at this chemist has dropped by seventy percent because of course they have these disgusting gross aggressive beggars outside the shop every day these goons saying you know give us their money give us some more money give us some more money shaking down let's look at how much they've shaken down this just this one firm in three years under g r g the global restructuring group the company claims have paid one hundred thirty thousand pounds in fees to georgi and clearing a thousand pounds monthly charge seventy thousand pounds an invoice financing fifty thousand pounds for an outside turnaround adviser. twelve thousand pounds in valuation fees and forty thousand pounds in additional interest payments has an outstanding interest rate hedging product that has so far cost about seven hundred thousand pounds so this is the aggressive begging the bag-o. crap class like the start o

billboard from a property company called keep calm there is no bubble this is a good idea for george osborne he should import them into the u.k. for. every culture has its own flavor of propaganda and i guess this billboard works to get these suckers buying into that real estate bubble here they have to have like mary berry bake a cake in the form of a real estate development she's going to some of the chinese or paul hollywood do some christmas jingle for dongle jango before that thing blows up in their face an exploding coke over real estate nightmare concatenation of all debt no equity well remember in the two thousand and eight crisis it was dubai which collapsed first their property market spectacularly collapsed overnight the shake guy who runs that place he split town for a religious holiday and left his cousin who. genuinely wealthy arab emirates and so this is another family sort of feud but we could see but unfortunately for the u.k. we don't have a rich uncle who could bail us out and i don't know not even uncle jang who could be but i would claim to undergo wang i mean i think vi

>>rose: george osborne is here.e exchequer. architect of the policy of as you tearity. keeping borrowing cost low, recently britain's economy has started to grow. osborne says his policies are the reason why. i am pleased to have george osborne back at this table. welcome. >> it's good to be here. >>rose: so looking at how fasttn growing, more than any other g 7 country. tell me why you think that's true. what did you do, take as much credit as you want to. as to what made a difference. >> well, look i'm not goingotak. through a lot of hard work by the british people. >> what are the ideas in play? >> the idea in play is first ofn your means, particularly a country without a reserve currency like britain. we've been reducing the deficit in a consistent way, secondly, you've got to repair your banking system. we've done difficult changes to our banking system but that is now worked through. and then finally you've got to have an environment in which people feel confident about investing. britain's been superconfident in the world and the big down pull is lifting, the hard

george osborne -- smith says osborne would be wrong to hint.ow have things changed since facingt budget we were in the triple dip recession? he was facing it from all quarters, wasn't he? on the sturdy, six months later -- >> he will. he will be able -- they can book growth forecast for double the- he can growth forecast for this year. it is the growth they wanted. it is over and a key relative p -- aquila just -- accumulative period. we have had some hint. they have taken the lead on that. it would help in the background here at -- it would help in the background. it used to be a big secret. auto statements. autumn statements. back.w that he will hold they will cut budgets and spending. >> update us on the deck a picture. -- debt picture. the whole market has been austerity. the economy recovers. higher gross numbers coming through. give us the next donation of why that is happening. still running a budget deficit. the debt is stillx rising. still 10%. background, they will wish that further into the future and into future generations. it is i

i think he should have gone away -- gone ahead with the chopsticks rendition. >> george osborne clashingn the day of the autumn statement. i am joined in the studio by norman smith. welcome to the program. that energy price pledge by ed miliband, how big an impact did that have politically? >> it was probably the defining moment of the year in that it changed the terms of trade over the economy. suddenly, it gave labour a compelling narrative at a time when we all know the economy was beginning to pick up. it seemed labor talk about plan a not working. it ishey shifted to say all about the cost of living. they focused on energy prices. that did two things. one is it was very much in sync with public opinion and it enabled ed miliband to ride the crest of public outrage at his colossal increases in energy prices. it also through the government on the back foot. i had to scrabble around and find some sort of repressed -- rep -- repast. >> do you think ministers were quick enough? >> there were clawing and scrabbling and stumbling their way to some sort of repast and came up with a 50 pound

accounting procedures the deficit here is actually hundred eighty five billion the government george osborne has said it's only ninety billion but he's not explaining to them what. accounting standards he's using right the deficit here in the u.k. is twelve to thirteen percent of g.d.p. and not the numbers that they quote which are what your lies to to put it in layman's terms the chancellor lying because the deficit is at least double because accounting tricks so the big the big accounting firms they hire them they give a big what a big you know big briefcase full of cash and then they come back with a nice thick report which details how to lie about the deficit the debt of u.k. is now approaching one hundred percent of g.d.p. the deficit is down twelve to thirteen percent of g.d.p. so all those growth that's happening in the u.k. is because of all the increase in debt as long as interest rates can keep low which is great to keep the debt mounting in this huge ponzi scheme however does give rise to incest your was kleptocratic cancer ridden financial terrorist like jamie diamond and the fol

was that because he wasn't challenging george osborne? >> i think it reflects two things.ne is, there is now a serious weakness in the labor stance on the economy. it is very hard now to get up and say, plan a is not working. that argument begins to look increasingly thin. that is shown in ed balls' response. he was looking for some sort of argument to put and he didn't have it. the second thing, you remember i think it was in the budget, again, he got into difficulties that it was put down to a stammer. i wonder, both these big occasions when he is faced with huge barracking from the tory benches, he is actually thrown off quite a lot by that. it is partly i think a personal difficulty he has coping with that sort of noise. it reflects a weakness in labor's argument on the economy. >> we will be coming back to you later in the program. the global financial crash five years ago may be slipping into history but bad news stories about banks have kept on coming. this year we learned a cooperative bank was facing a huge financial shortfall. they no longer control their own ban

umbilical cord because a mother is there smoking crack smoking cigarettes wondering what it was george osborne with three arms to get out of his head some mutant chancellor from outer space talking about why the deficit doesn't get any more we don't want it it is killing germs and we made up all that horror that well so. the figures that back up already published evidence that youngsters are being suckered by cartoon characters and juvenile doing goes to believe taking out loans which charges so much as five thousand percent interest per annum is perfectly normal family behavior there's that word again normal this is normal family behavior if you're not incestuous incestuous with your debt now probably i mean this presumably children are our want their allowance right this is their allowance payday lending but their parents are having to take out payday loans to give them their allowance so you have the same debt being recycled over and over at five thousand percent hey kid is it twenty then twenty thousand pounds of five thousand percent annualized rate of debt increment hope would go fairly

well for george osborne my first choice would be maybe a little polonium two maybe not bad aggressive something along the lines of. some form of walk from a fog off farm in france to kind of personify what's happening to the world banks are being stuffed with all this cheap cash and in the end are going to be harvested and his liver along with a bunch of ducks will be exempt take it out and sold on the open market right. at the j.p. morgan christmas party entertainment what would you do. for the christmas party entertainment j.p. morgan that's a good question i guess we have to.

well for george osborne my first choice would be maybe a little polonium two ten but maybe not bad aggressive something along the lines of . some form of walk from a fog off farm in france to kind of personify what's happening to the world of banks they're being stuffed with all this cheap cash and in the end are going to be harvested and his liver along with a bunch of ducks will be exempt taken out and sold on the open market right. at the j.p. morgan christmas party entertainment what would you do. for the curse of party entertainment of j.p. morgan that's a good question i guess we have to hire some. of the cast of the soprano's to come in and ran back some of the famous scenes there where several people got whacked i think i'll be very entertaining you could say been put on paper if you think it's a fantastic way to extend the brand of j.p. morgan j.p. morgan makes the soprano's bankers get gunned down while you're cheering on the likes of tony soprano this is a great cross media opportunity even high that the staff full the christmas party for those will street bankers we're going to pi

here with us now british chancellor, george osborne. back. >> we showed a picture when we were over in london and your economy has flat lined. 0% growth. pretty miserable time for the people of britain. for you. but things have turned around a bit haven't they. >> that was a tough time but we stuck with the plan, we worked through the plan we had. and things are getting much better. the economy is growing. >> what's your growth rate over there >> the way you did in the u.s. annualized the 3%. jobs have been created, around 60,000 a month which is equivalent to 300,000 in the u.s. the deficit is coming down. >> structural deficit. we don't think the job is done. there's a bigger question being asked here and u.s. and britain which is are we for a long term decline. are we unable to say to the next generation your lives will be better than your parents. i'm here to say emphatically no. >> you write in the "wall street journal" how britain returned to growth and in part you write this. as the u.s. and britain recover from the great recessi

george osborne, the chancellor was here in parliament. that is very very clear. that is quite a tory mantra. >> the funding for lending scheme was diluted, it essentiall essentially ended the requirements for mortgage lenders. it took a big hit. >> if you learn -- run the charts from october, they are down. they have had a good year but nowhere near the stellar performance of the top tier bracket. >> up, we will be talking about football. have made it to the final 16. what are the chances of an english club lifting the trophy? >> welcome back to "countdown." of the english teams have a chance to win the champions league tournament? .e are joined by then littleton we we will look at the chances of the four winning the champions league. it is when we look at the second chart. here are the top six. where are the british? >> they are there. these are the top six rated by the bee sports productions. you can see by her new nick despite -- munich ise bayern high. barcelona takes up a big chunk as well. nobody really wants to play for rheometer at. >> that was at the las