Osborne’s Budget provides few reasons to be cheerful

Growth revised down. Unemployment, borrowing and inflation revised up.

Unless you're Jeremy Clarkson, it's hard to see the bright spot in today's Budget. The Office for Budget Responsibility now predicts lower growth, higher inflation, higher unemployment and a slower pace of deficit reduction than it did in June. Every significant economic indicator is going in the wrong direction.

Growth for 2011 has been revised down from 2.1 per cent to 1.7 per cent and growth for 2012 has been downgraded from 2.6 per cent to 2.5 per cent. Public-sector borrowing is now forecast to be £44.5bn higher across this parliament. And, as Will Straw points out, the OBR now predicts that unemployment will be higher than expected every year from now, starting with an increase of 40,000 in 2011 and another rise of 130,000 in 2012.

As expected, George Osborne announced that the personal allowance will be raised from £7,475 to more than £8,105 in April 2012. But this tax cut (worth £120 to all those earning less than £115,000) will be swallowed up by the coalition's "permanent" VAT rise, which will cost the average adult £310, and by the 1 per cent rise in National Insurance.

With an eye to the next quarterly growth figures, it's worth noting that the OBR is now predicting growth of 0.8 per cent for Q1 of this year. The forecasters were badly wrong last time, of course, but it looks like Osborne will avoid a double dip. Yet a recovery that was already set to be slower than those of the 1970s, 1980s and 1990s will now be weaker still. The coalition's premature fiscal retrenchment has condemned Britain to years of anaemic growth.

George Eaton is political editor of the New Statesman.

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Piers Morgan struggles with the idea that anyone might ever refuse an opportunity to go on television

The Good Morning Britain host has contradictory beef with Ewan McGregor.

Has it been a while since you heard what Piers Morgan thinks? Are you shaking from withdrawal, refreshing your Twitter feed, unsure whether Kanye is or isn’t a narcissist? Well, fear not, the Mole has a fresh fix for you. After Ewan McGregor dropped out of appearing on Good Morning Britain today, a new take was born. Actors’ opinions are stupid, but also, actors should come on Piers Morgan's show and talk about their not-important views.

McGregor, who was meant to be promoting Trainspotting T2 on the show, tweeted this morning he had cancelled because of Piers’ (obviously half-baked) opinions on the Women’s March. “Was going on Good Morning Britain, didn't realise @piersmorgan was host,” McGregor wrote. “Won't go on with him after his comments about #WomensMarch.”

What truthbomb had Piers dropped to provoke this? That it was unfair women were protesting and where was the MEN'S march. A march for men! As if running our parliament, corporate system, legal industry and creative sector isn’t enough! They should probably all do a walk too! Poor men. No wonder the patriarchy is on its last legs. They must be so weary.

Still, hats off to Piers Morgan. It takes a real personal flexibility to maintain the title of Contrarian Extraordinaire of the Our Glorious Nation. By which we mean that Piers Morgan will think literally anything, if the money is right. Whether it’s writing that Kim Kardashian is so awful she caused someone to have a stroke, or that he loves her for being herself, the man is so darn unpredictable. 

Morgan accused McGregor of being "just an actor", and that he should be “big enough to allow people different political opinions”. Once again, he asked the age-old question: are you an enemy of free speech if you won't go on someone’s early morning television show? This might be alien to Piers, but people don't have to go on television if they don't want to. 

And what if Ewan had appeared on the show chatting about his film? “Happy to appear on my show for your film, but not happy with my opinions? Classic money-driven actor,” the inevitable Morgan tweet would have read. It's quite easy, this Piers Morgan lark. No, it isn't. Yes it is. Cheque please! 

I'm a mole, innit.