George Osborne’s ‘cocktail of threats’ will leave us with a hangover | John McDonnell

The chancellor promised 2015 would be the year government borrowing would hit zero, but we're facing a noxious economic brew of his own making

George Osborne yesterday warned us about a "cocktail of threats" brewing in the world economy. All the ingredients are there for a noxious brew. The emerging markets debt bubble. The ongoing stock market turmoil in China. Recession in Brazil and Russia, and the slowdown in India. The collapse in global commodity prices.

I've warned about the danger signs elsewhere before. But curiously, Osborne didn't talk up these "threats" in last year's autumn statement. He didn't raise them at the summer budget. They were hardly a centrepiece of his election campaign.

Related: George Osborne warns UK economy faces 'cocktail of threats'

I doubt even Osborne believes his own stories any more. That's why he's getting his excuses in first

Related: I'm backing George Osborne's Project Fear - if it helps keep us in Europe | Martin Kettle

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