Osborne came into office in 2010, after years of Gordon Brown’s fiscal vandalism. As such, the current Chancellor faced the unenviable task of taking very tough and radical action to restore the UK as one of the world’s leading advanced economies.
Yet while his “austerity” rhetoric has been strong, Osborne’s policy implementation has been extremely patchy.
In the fiscal year 2009-10, current government spending amounted to 42.9pc of GDP. In 2012-13, for all his “tough choices” bluster, spending will be 42.3pc of national income – by no means a significant reduction.