Autumn Statement: 4 charts that show how badly George Osborne has got it wrong

How has the British economy performed since George Osborne became Chancellor in 2010? How about the public finances?

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The Independent Online

In his Autumn Statement on Wednesday Mr Osborne will reveal the latest borrowing and growth forecasts from the official watchdog, the Office for Budget Responsibility.

But here we show how four key indicators have developed over the past four years under his Chancellorship. On all four metrics, things have turned out worse than Mr Osborne hoped.

GDP growth has been much lower than forecast in 2010

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Government borrowing has been considerably higher every year

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As a result the national debt is much higher as a share of GDP than predicted in 2010

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Wages have also grown much less than expectations four years ago

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In the Autumn statement the growth forecast for 2014 is likely to be, finally, in line with the 2010 forecast, at around three per cent. But the forecast for public borrowing for 2014-15 is expected to be remain close to £100bn, meaning the deficit will remain stuck in cash terms. The Chancellor’s hopes of balancing the books by the end of the Parliament disappeared long ago. That is why he is pledging still more public spending cuts in the next Parliament.

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