The Chancellor gave his mid-year summary of the UK’s position to the House yesterday. He said
Britain’s economic plan is working.
For those of you unfamiliar with the UK economy, here are some headline charts:
I don’t know what the Chancellor’s counterfactual is but I struggle to imagine much worse than the outcome since 2007. Unsurprisingly, so did every economic forecaster for the past six years. It is debatable how much of the blame for this economic disaster rests with the Chancellor but it’s certainly not the sort of picture I’d want to claim as my legacy! Unsurprisingly, George Osborne’s political instincts have turned out to be far better than mine.
Vindication for Chancellor Osborne’s strategy
The day that proved George Osborne austerity plan is working