George Osborne's spending plans simply don't add up

Recent economic figures have shown that the government urgently needs to adopt a Plan B for the economy . As economists and academics, we know the breakneck deficit-reduction plan, based largely on spending cuts, is self-defeating even on its own terms. It will probably not manage to close the deficit in the planned time frame and the government's strategy is likely to result in a lot more pain and a lot less gain. We believe a more effective strategy for sustainable growth would be achieved: • through a green new deal and a focus on targeted industrial policy. • by clamping down on tax avoidance and evasion, as well as by raising taxes on those best able to pay • through real financial reform, job creation, "unsqueezing" the incomes of the majority, the empowerment of workers and a better work-life balance. These are the foundation of a real alternative and it is time the government adopted it. Signed: Prof Richard Grayson , Goldsmiths, University of London lan O'Shea , emeritus professor of cultural studies, UEL; Henning Meyer , senior visiting fellow, LSE Global Governance Howard Reed , director, Landman Economics Professor Geoffrey M Hodgson , University of Hertfordshire Business School Professor Jonathan Rutherford , Middlesex University Professor Natalie Fenton , Goldsmiths, University of London Professor Stefano Harney , Queen Mary, University of London Andrew Watt , Senior Researcher, European Trade Union Institute Professor Mariana Mazzucato , (Chair in the Economics of Innovation), Open University Professor Gregor Gall , University of Hertfordshire Professor George Irvin , Univ of London, SOAS Professor Peter Case , Bristol Business School Michael Burke , Economic Consultant Professor Marcus Miller , University of Warwick Professor Susan Himmelweit , Open University James Meadway , senior economist, new economics foundation Professor Dennis Leech , University of Warwick Jonathan Glennie , Research Fellow, Overseas Development Institute Stewart Lansley , Research Fellow, Bristol University Alan Finlayson , Reader, Dept. of Political and Cultural Studies, Swansea University Robin Murray , Senior Visiting Fellow, Global Governance, LSE Richard Murphy , Director, Tax Research LLP Professor Giuseppe Fontana , Leeds University Business School Pat Devine , University of Manchester Prof Malcolm Sawyer , University of Leeds Dr Paul Segal , University of Sussex Professor Stephen Haseler , Director, Global Policy Institute Andrew Simms , nef fellow and Green New Deal Group Member Ruth Potts , Campaign Manager, the Great Transition Valerie Bryson , Emerita Professor of Politics, University of Huddersfield Mark Fisher , University of London Dr Jonathan Perraton , University of Sheffield Nick Isles , Managing Director of Corporate Agenda David Purdy , social economist now retired, formerly head of the Department of Applied Social Science, University of Manchester Dr. Douglas Chalmers , Glasgow Caledonian University Sheila Dow , Emeritus Professor of Economics, University of Stirling Barbara MacLennan , retired academic economist: Universities of York and Manchester David Donald , Glasgow Caledonian University Ismail Erturk , Senior Lecturer in Banking, University of Manchester Ian Gough , Emeritus Professor, University of Bath Colin Crouch , University of Warwick Professor David Marquand , Oxford University Stuart White , Jesus College, Oxford University Professor Diane Elson , University of Essex, Chair UK Women's Budget Group Professor Andy Danford , Bristol Business School Professor Simon Lilley , head of University of Leicester School of Management Professor Stephen Linstead , University of York Professor Adrian Sinfield , University of Edinburgh Professor Sir Tony Atkinson , Nuffield College, Oxford Professor Matthew Watson , University of Warwick Professor David Bailey , Coventry University Business School Dr Damian O'Doherty , University of Manchester Professor Derek Braddon , Emeritus Professor of Economics, University of the West of England, Bristol Dr. Olivier Ratle , University of the West of England, Bristol Professor Alison Pullen , Swansea University Professor David Knights , Bristol Business School Dr Gregory Schwartz , University of Bath