A reality check for Gideon:

The Treasury Red Book accompanying his April 2015 budget states (p. 22) that public sector net borrowing was £97.3bn in 2013-4 and only reduced by £7bn to £90.2bn in 2014-5.   The same table is now predicting that it will fall by £15bn this year, then by £36bn the next year, then by another £27bn the following year, and by a further £17bn the year after that. Does anyone seriously believe this?

Another yarn that Osborne likes to boast about is that he’s halved the deficit.   He has done no such thing.   The deficit peaked at £157bn in 2010, and Alistair Darling in his his last two expansionary budgets brought this down, bearing in mind that it takes 12-18 months for budget measures to work their way through the economy, to £118bn by 2011-12, a reduction of nearly £40n in 2 years.   Osborne’s austerity budgets then drastically slowed the reduction to just £26bn over 3 years.

Britain under Osborne is facing neither a recovery nor elimination of the deficit, but a serious risk of a third economic recession.

Source: Osborne has as much chance of a budget surplus in 2018 as of the Titanic resurfacing | Michael Meacher