Osborne last October: “A steady recovery is under way”
George Osborne tonight admitted he has had to revise down already weak growth predictions. But he refused to abandon his dash for austerity, and added: "We warned repeatedly that the recovery would be choppy."
But last October he took a rather different tone, boasting that "although global economic conditions remain choppy, a steady recovery is under way". He was so proud of his performance that, in one bizarre BBC interview, he delivered his same "double dose of good news" soundbite again … and again … and again.
It is now clear that the growth to which he then referred marked the end not the start of Britain's recovery – as government policies caused the economy to flatline.
Economist Duncan Weldon has set out the deep flaws in Osborne's strategy in a series of posts for this blog. And last month David Cameron's former economic advisor, Jonathan Portes, demolished the government's arguments in an excoriating article for the New Statesman.
In place of Osborne's "double dose" of good news we now face the very real prospect of a double-dip recesssion.
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