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Osborne’s boastfulness comes back to haunt him

Osborne is now in trouble.   One after another, all the things he so confidently promised 5 years ago have now turned to dust.   He pledged then that the deficit would be down to £37bn by the end of 2014; it is now actually about £100bn.   He said that with economic growth real terms pay rises would soon return; they never have.   He loved to boast endlessly that Britain had the fastest rate of growth in the Western world; now that has been blown apart today’s announcement that Britain’s annual rate of GDP growth in the 3rd quarter of this year was just 2.6%, whereas the annual rate of growth in the US in the 3rd quarter was nearly double that, namely 5%.   He claimed he would rebalance the economy in favour of manufacturing and set in place ‘the march of the makers’; the opposite has happened, with the latest export figures registering the worst in Britain’s history.   He promised that private investment would rapidly recover; it has recovered a bit from a deep fall in 2008, but is still below pre-crash levels and far short of what is needed to bolster sustainable growth.   It is one long dreary story of blown promises.
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