At least we have a royal wedding to look forward to
So the Chancellor wanted to take credit for improved growth predictions last November, but now it has been revealed that the British economy shrunk by 0.5% in the last quarter of 2010 (zero growth if you account for the weather) he’s changed his tune:
These are obviously disappointing numbers, but the ONS has made it very clear that the fall in GDP was driven by the terrible weather in December.
I think Osborne mentions the weather about 15 times during his interview with the BBC. However, highlighting the fact that the UK was brass monkeys completely elides the reaction of the private sector to public sector cuts and anticipated tax increases. I find it interesting that the Chancellor still appears confident that the private sector will pick up the slack as public sector cuts continue apace.