The newspapers, depending on their political leanings, will either write about the 'downgraded chancellor' or his 'aspiration nation'. Their stories about his 'every little helps' Budget will go down a treat in the pub. But his measures, while populist and giving him something to talk about for an hour today, do not resolve the terrible fix the British economy now finds itself in. Here's five reasons why your life has got a lot worse since the chancellor delivered his fourth Budget yesterday.
The economy is in big, big trouble
You knew this already. But you didn't know how bad it's getting till yesterday lunchtime. Last December the Office for Budget Responsibility (OBR) had estimated growth in 2013 would amount to 1.2%. This was itself a big downgrade. Today it halved that assessment to just 0.6%, a drastic reduction. Osborne blamed headwinds in the global economy and the eurozone for the hiccup, and suggested the situation would deteriorate further if the eurozone continues toRead More »from Budget 2013: Five reasons why your life has got worse