Despite using jazzy phrases like “Budget for next generation” and “Britain’s prepared for whatever the world throws at us”, George Osborne couldn’t divert attention from disappointing economic results.
As Chancellor of the Exchequer and the man responsible for Britain’s economy, the blame for all our economic woes fall on him.
Take a look at the Osborne’s six biggest failures as chancellor:
The future for the economy is looking bleak, according to the Office for Budget Responsibility (OBR).
Growth has been cut every year between now and 2020.
What’s worse is that these forecasts have been revised down from the ones just four months ago when the Autumn Statement was made.
Here are the forecasts:
2016: 2.0%, down from 2.4% in November’s autumn statement
2017: 2.2%, down from 2.5%
2018: 2.1%, down from 2.4%
2019: 2.1%, down from 2.3%
2020: 2.1%, down from 2.3%
According to the OBR, the government is set to miss its target to have debt falling in 2015-16.
— OBR (@OBR_UK) 16 March 2016
When Osborne took charge in 2010, one of his biggest claims was that he’s going to tackle Britain’s debt pile.
He today admitted that debt will rise as a proportion of GDP this year.
In fact, the latest debt figures show that Osborne’s massively missed his target of cutting national debt, as a percentage of output, this financial year.
The current forecasts show that debt as a share of GDP has been revised up in each of the next five years to 82.6% in 2016-17 and 81.3%, 79.9%, 77.2% and 74.7% in the following years.
Productivity growth looks sombre too.
The OBR announced that productivity growth had not recovered from the economic crisis at the rate it had previously expected it to.
In its report, the OBR said: “In the short time since our November forecast, economic developments have disappointed and the outlook for the economy and the public finances looks materially weaker.”
In further embarrassment for the chancellor, the Government also remains in breach of its welfare cap.
According to OBR the welfare cap “sets a ceiling on social security and tax credit spending other than on state pensions and those benefits linked most closely to the economic cycle”.
Here’s a handy explanation of what this means for the UK economy by OBR chairman Robert Chote.
Figures released in February show that ritain’s trade deficit worsened in the final quarter of 2015
The shortfall between exports and imports widened from £8.6bn in the third quarter to £10.4bn.
This led to a fall in exports too as the total exports of goods and services fell 0.8% month on month in December and by 0.8% quarter-on-quarter in the fourth quarter.
A report released by Oxfam earlier this month showed that the wealth created in Britain over the past 15 years has ended up in the pockets of the richest 1% of people.
The 1%, which represents 600,000 people, saw their collective wealth soar 79% to £2.4tn, or an average of £3.7m each, over the 15-year period.
Mark Goldring, chief executive, Oxfam, said: “It’s simply not right that a tiny group of individuals hoovers up so much of the UK’s growing prosperity while barely any trickles down to those who have least.
“We need action to ensure that a rise in wealth is more evenly shared in order to combat poverty and ensure everyone gets a fair share.”