George Osborne was on comfortable ground during the Commons debate on the deficit.
George Osborne’s plans for deficit reduction have been questioned after parliament’s all-party spending watchdog found that tax receipts did not rise rapidly enough to meet the £126bn savings promised by the government.
It takes a lot of nerve to accuse your opponents of profligacy when the country is in the red by more than £90bn and you have missed your deficit reduction targets by a country mile.
The shadow chancellor, Ed Balls, brushed aside George Osborne’s eye-catching tax cuts and got straight to the heart of the problems facing his rival – stagnant wages, worrying borrowing and disappointing revenue receipts.
The squeeze on pay packets and falling income tax receipts mean George Osborne will miss his short-term budget targets, the government’s fiscal watchdog said, as it predicted public spending will drop to an 80-year low by the end of the decade.
Britain’s recovery is expected to start running out of steam next year as the next government squeezes public spending and the hoped-for boost to exports fails to materialise, according to the Treasury’s independent forecaster.
Get ready for more cuts. That was the message delivered by David Cameron to the CBI’s annual conference when he warned that more savings would have to be found in the next parliament.
The coalition government borrowed more than expected in June, putting chancellor George Osborne further off course in his plan to reduce the deficit.
Soaring house prices are likely to outstrip pay rises for at least the next five years ad possibly for decades to come, the government's official forecaster has warned.