Another Budget Disappointment

As George Osborne’s latest budget, the fourth in a year, begins to unravel; inter alia, the miracle of a budget surplus in 2020 shown to be the sleight of hand that it is, with the chorus of disapproval over disability benefits rising and the prospect of another year of “austerity” after the next election exposed, we begin to see this latest manoeuvre for what it is – shameless political manoeuvring.

Perhaps the Chancellor would wish to forget his criticism of a predecessor for failing to fix the roof whilst the sun was shining.  Following a £27b accounting windfall in November we now find that we must borrow £116b over the next 3 years in order to keep the financial plan on track.  The national debt, incidentally is now over £1500b and has doubled since George Osborne became Chancellor.  The interest on the national debt, at £46b per annum, is now about what we spend on defence. The pathetic misquoting of the OBR, pointing to a period of uncertainty following a Brexit vote, reinforcing project fear, has backfired.  In any case, the possibility of financial uncertainty following a Brexit vote which might lead to increased costs of servicing this obscene national debt is, of course, not an argument for remaining in the EU.  It is, quite simply, a prima facie case for borrowing less and paying back more and anyone who really cared about the “next generation” would have done something about it.

For what it’s worth, I would expect that the next generation would be most concerned about:

•  Our woeful lack of productivity
•  Our second class education system
• Our chaotic and unaffordable energy policy
• The spectre of saturating immigration further encouraged by the minimum wage.
• A joined-up national transport plan
•  Pulling our weight in the Atlantic alliance

Now, if the Chancellor really was concerned about doing the right thing, perhaps he might have made a start on some of the above?