POLITICS

Autumn Statement 2014: 9 Seriously Awkward Graphs Osborne Does Not Want You To See

03/12/2014 07:09 GMT | Updated 13/01/2015 12:59 GMT
Wiktor Dabkowski/DPA
British Chancellor of the Exchequer George Osborne at the start of a European finance ministers meeting at EU Commission headquarters in Brussels, Belgium on 07.11.2014 by Wiktor Dabkowski

George Osborne is expected to use his keynote Autumn Statement on Wednesday as a platform to boast about his stewardship of Britain's economy and set out the case for why the Tories should be elected next year.

The Chancellor has already trumpeted an additional £2 billion a year for frontline NHS services, telling the BBC: "It shows you can have a strong NHS if you have a strong economy."

However, Osborne will very keen to gloss over the fact that his plan he had for Britain's economy when he took the reins has not worked. He has steadfastly ignored each time the economy has not performed as predicted, but loudly argued that any good signs are all proof that his "long-term plan" is working.

As Osborne prepares to boast about how his plan has worked all along, and ahead of the OBR's expected revisiting of its figures, HuffPostUK presents nine charts that show how his economic management has disappointed again and again.

1. Call this 'dealing with our debts'?

George Osborne spoke proudly of the coalition's plan to "deal with our debts" in 2010, but the figures have shown anything but.

The independent forecaster he set up, the Office for Budget Responsibility, at the time predicted that public sector net debt would fall to 69% by the financial year 2014-2015. But this year, the OBR said that the UK's debt would hit 74.5% of GDP, which Osborne still tried to describe as "getting on top of our debts".

With the nation's debt estimated to be increasing by £3,000 per second, it may seem unsurprising that the government's own statistics watchdog has slapped down any suggestions made by ministers that they are "paying down Britain's debts".

2. What about that "lower borrowing"?

Osborne proudly told MPs in this year's Budget that "lower borrowing and a smaller deficit mean less debt". However, he forecast that borrowing this year would be nearly three times as much (£95 billion) as originally expected (£37 billion) back in 2010.

3. What about eliminating that deficit?

obrborrowing

Osborne originally planned to eliminate the deficit by the end of this Parliament, but now has to make do with boasting that his "long-term plan"" will ensure it is gone four years later than planned.

4. Is this the course to "prosperity"?

Osborne told BBC's Andrew Marr over the weekend that he was determined to keep the UK on "the course to prosperity". However, after predicting that the UK economy would grow by 2.7% next year, the OBR predicted back in March it will be just 2.3%.

5. How 'rewarded' are the workers?

Osborne promised to "reward work", but his wage growth has been lackluster under his economic stewardship. Now wages continue to fall in real terms, as they lag behind inflation, and the OBR lamented this year that earnings growth is "failing to pick up".

6. The 'sign of success' has been a long time coming...

bankrate

George Osborne's aides have said that he would see an interest rate rise from its historic 0.5% low as a "sign of success", however rates have continued to stay low.

The Chancellor's OBR originally predicted that the Bank of England would raise interest rates in 2011, seeing the cost of borrowing rise, but back in March expected that to happen no sooner than next year.

"Expectations of rate increases were pushed out significantly as the recovery stalled," it explained.

See also:

George Osborne's Big £7bn Tax Cuts Will Actually Help The Rich Most

George Osborne Mulls 'Super-Tax' For British Money In Swiss Bank Accounts

Autumn Statement 2014: How George Osborne Prepares His Mini-Budget

7. What happened to business investment?

businessinvestment

Osborne proudly told MPs in 2010 that the OBR forecast showed a shift towards an economy with business investment "playing a greater role". However, it has only returned to pre-recession norms a year later than expected.

The Chancellor was left pleading in this year's Budget, saying that "government investment is part of the story – but we need business investment too."

8. What about that "export-led recovery" George?

importsexports

Osborne has put increasing British exports at the heart of his ideal recovery, promising "raise from the ruins of an economy built on debt a new, balanced economy where we save, invest and export."

He also pledged to double British exports to £1 trillion by the end of the decade. However, the OBR has been forced to chart how export growth has failed to materialise as expected, with an "aggregate shortfall" building up instead.

9. Are we a nation of "makers and doers" yet?

productivity

"If you’re a maker, a doer or a saver: this Budget is for you," Osborne told voters this year. However, the UK economy has seen producitivty - output per hour worked - continue to be lackluster.

The OBR lamented that it has lately "fallen well short of our June 2010 forecast" and still remains "very weak".

See also:

How the Tories' tax cuts will benefit the rich