In his speech today, George Osborne made two arguments in defence of his economic policy. First, that there was no an alternative. Second, that there is no alternative.
In the past few weeks the opposition’s case against the chancellor has shifted emphasis from the existence of a recovery to its nature. The overall picture may be improving, his critics admit, but it does not feel like that for many people. Policy must change to ensure an improvement in “living standards”, the argument goes. But Mr Osborne chose not to accept the premise. Instead, he repeatedly argued that the same approach (albeit with some amendments) that “worked” for the macroeconomy will also deliver on a micro level. Read more