Mail Column  

The Chancellor of the Exchequer announced his assessment of the British economy in the House of Commons this week. In what is called the Autumn Statement, George Osborne set out his view as to the prospects for our economy, as well as updates regarding what he will need to do about public expenditure and borrowing. It is usually an update to Parliament following the annual budget, which takes place in the spring. This year, given the difficult economic conditions, this week’s Autumn Statement took on a more major role than is normally the case. I’ve read the Autumn Statement and was in the Chamber of the House of Commons when the Chancellor made his Autumn Statement and, frankly, it’s bleak. The health of the British economy has worsened over the last year, and economic prospects and associated public finances have sharply deteriorated over the past six months. The Chancellor’s...