The Economy

We were treated to a typically Panglossian picture by the Chancellor, as though there were nothing currently wrong with the economy. The Chancellor is not a man who does humility. When challenged, he could cite only three developments that he regarded as successes. The first was the rise in exports, but he failed to mention that imports are rising faster. The second was the increase in jobs, which, although certainly welcome, will be soon swamped by the increase of 1 million in unemployment in the public and private sectors that has been forecast by the Office for Budget Responsibility. The third was the improvements in the manufacturing sector, which, as has been said many times, have now sadly embarked on a downturn.