He’s partially correct. It’s mostly Labour’s terms (£££) and the EU.
As I met world leaders at the G20 in Brisbane, the problems were plain to see. The eurozone is teetering on the brink of a possible third recession, with high unemployment, falling growth and the real risk of falling prices too. Emerging markets, which were the driver of growth in the early stages of the recovery, are now slowing down. Despite the progress in Bali, global trade talks have stalled while the epidemic of Ebola, conflict in the Middle East and Russia’s illegal actions in Ukraine are all adding a dangerous backdrop of instability and uncertainty.
…
In our interconnected world, wider problems in the global economy pose a real risk to our recovery at home. We are already seeing that, with the impact of the eurozone slowdown on our manufacturing and our exports.
We cannot insulate ourselves completely, but we must do all we can to protect ourselves from a global downturn.
He’s trying to get re-elected, but at least he knows how fucked we are.
Rising interest rates?
Philosophies of a Disenchanted Scholar 