Has Osborne magicked up an economic downturn to justify more cuts?

‘Remember the Autumn Statement, in which George Osborne struck such a triumphant tone because the Office of Budgetary Irresponsibility had magicked up £27 billion of extra money for him in a prediction over the next five years.

Only three months later, two-thirds of that cash has been magicked away by the same organisation and suddenly Osborne is saying that he may not be able to deliver a budget surplus by 2020 after all.

Not only that, but the downturn means he may be unable to relax austerity in the last two years of the current Parliament, as the Conservatives promised us all in the run-up to the general election last May.

Suddenly the promise has gone from “happy days in a couple of years’ time” to “more cuts, more austerity, more pain”.’

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