We look back on the economic disasters and political blunders with Osborne at the helm
Chancellor George Osborne today sets out his plan for the UK's finances.
But he has not exactly earned a fanclub with his performance at the Treasury so far.
The annual spring budget statement comes against the background of a stagnant economy and the UK's AAA rating a thing of the past.
As Osborne prepares to pack his big red box for today, here are 20 reasons he should pack his bag instead...
1. Delivered the first double-dip recession since the 1970s and a flat-lining economy which means this is now the slowest recovery for 100 years.
2. Presented an “omnishambles” Budget – and was forced into u-turn after u-turn on taxes on pasties, churches, charities, caravans and even skips.
3. Cut taxes for millionaires while asking millions of families on middle and low incomes to pay more – making a laughing stock of his “we are all in this together” slogan.
4. Saw youth unemployment hit 1 million for the first time.
5. Lost Britain’s AAA credit rating which he said was the number one test of his economic policy
6. Introduced the ‘granny tax’ on pensioners.
7. Hiked VAT up to 20% which sent inflation soaring, cost a family with children an average of £450 a year and helped to choked off the recovery.
8. Tried to set “strivers” against “shirkers” with cuts to tax credits and benefits, until it turned out that the majority of the people affected were in work and 200,000 more children would be pushed into poverty.
9. Booed by thousands of people in the Olympics stadium at the Paralympics.
10. Accused of being a part-time Chancellor after going to Washington the week before the last Budget and going to the Opera on a weekday afternoon for 6 hours with the Education Secretary.
11. Broke his pledge to balance the books and get the national debt falling by the time of the next election – as the lack of growth and high unemployment saw over £200 billion more borrowing than he planned.
12. Had a raucous dinner at a ski resort the night before figures showed the economy was shrinking again.
13. Axed last year’s fuel duty rise 12 hours after Ed Balls called for it to be scrapped – but sent his most junior minister on to Newsnight to try and defend the sudden u-turn.
14. Claimed £949 off the taxpayer for a trip to Germany to watch the Champions League final.
15. Blamed the snow 24 times in one interview for the economy shrinking.
16. Withdrew false allegations he made about shadow chancellor Ed Balls and Libor fixing – but refused to apologise publicly even though Tory MPs urged him to do so.
17. Raised over £1 billion less than he promised from the 4G mobile spectrum auction leaving a black hole in his figures.
18. Announced scheme after scheme to get banks lending to businesses – all of which saw lending to businesses go down.
19. Got caught on a train sitting in first class with only a standard class ticket, but refused to move as his aide said told the inspector he “couldn't possibly" sit in standard class – what quickly became known as “The Great Train Snobbery.”
20. Stuck with an austerity plan that has seen the economy flatline, families worse off and the deficit rise – simply to avoid his own political humiliation.
• GDP growth in 2014 is forecast to be 1.8 per cent, then 2.3 per cent in 2015, 2.7 per cent in 2016 and 2.8 per cent in 2017• The deficit has been cut by a third from 11.2 per cent of GDP in 2009/10 to 7.4 per cent this year
• Borrowing predicted to fall from £108billion next year to £97billion in 2014/15• There will be a new limit on "annually managed expenditure", which includes welfare budget, debt interest and payments to EU.
• Infrastructure plans to be boosted by £3 billion a year from 2015/16, a total of £15 billion over the next decade.
• There will be a "generous" new tax regime to promote early investment in shale gas.
TAX AND WELFARE
• Mr Osborne said corporation tax will be reduced by a further 1% to 20% in April 2015
• Rise in personal allowance brought forward to 2014. This will mean no income tax will be paid on the first £10,000 of earnings.
• Tax-free child care vouchers worth £1,200 per child and increased support for families with children on universal credit.
• The flat rate pension worth £144 a week will be brought forward to 2016.
• A new Help-to-Buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new build house.
• The new mortgage guarantee, sufficient to support £130 billion worth of loans, will be introduced to help people who cannot afford a big deposit.
• This September's planned rise in fuel duty rise has been scrapped.
• The planned 3p rise in beer duty tax has also been scrapped and replaced by a 1p cut in duty on a pint of beer.
• The beer duty escalator is axed but planned rises for all other alcohol duties will be maintained.
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OSBORNE worst Chancellor?? Have you people forgotten that LABOUR & BROWN destroyed pensions & sold off our GOLD reserves, losing £7b ??
Have people also forgotten that note left at the treasury? No money......
Labour was in charge of ruining the country - if I inherit a house with triple mortgage on it, a bank account in the red to the tune of my entire life's income and five loans the interest of which far exceeds my monthly income - I wouldn't come up with a satisfactory solution either.
Lasciate ogni speranza, voi ch'entrate.
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