The economy grew by even less than thought in 2011. But there is an upside for Osborne.
The Lib Dem leader has set the terms of pre-Budget debate and put the Tories on the defensive.
Strong borrowing figures put Osborne on track to beat deficit forecast.
A credit downgrade would have little effect on the ability of the UK to borrow.
With Britain's credit rating on negative outlook, the Chancellor's reputation is on the line.
The long-term cost of high unemployment to individuals and to society is huge.
George Osborne has been hoisted by his own petard.
The Chancellor has indicated that Britain could increase its IMF contribution - again. Tory Euroscep
The Chancellor can no longer boast that the UK grew faster than the US in 2011.