Osborne set to borrow billions more than Darling was projected to
We know from this morning’s unemployment figures that the government’s austerity programme is hurting – and it’s hurting the young and unemployed the most. But is it working?
David Cameron and Nick Clegg asserted in the Coalition Agreement (pdf) that tackling public sector debt was the government’s ‘most urgent task’. It has been revealed this morning that across the finance industry, the verdict is failure.
The Treasury has collated 14 independent forecasters’ predictions (pdf, p.18) for net government borrowing over the next four years.
Their collected view is that chancellor George Osborne will borrow billions more than the Office of Budget Responsibility predicted he would in June 2010 (pdf, Table C7, p.90) – or that the OBR said Alistair Darling (pdf, Table 4.5, p.38) would have if Labour had been re-elected.

Here are the raw figures:

At worst, the government’s swinging cuts have stopped the recovery in its tracks, leading to borrowing far above and beyond what they predicted their supposedly profligate rivals intended. At best, with the European and global economy facing such turmoil, the facts have significantly changed since the general election of May 2010.
The current strategy has failed. It’s time for serious change.
See also:
• Fast spending cuts push economy from fastest quarterly growth for a decade towards zero – Cormac Hollingsworth, November 1st 2011
• Unprecedented growth of 1.3 per cent needed for OBR to meet its projection – Will Straw, October 31st 2011
• For every extra £4 spending is cut, it only cuts borrowing an extra 75p – Cormac Hollingsworth, October 18th 2011
• Growth cut the 2010-11 deficit as fast as cuts – Cormac Hollingsworth, September 22nd 2011
• Without growth will we even halve the deficit? – Cormac Hollingsworth, September 20th 2011
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Anonymous
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David
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Anonymous
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http://www.facebook.com/people/David-Julian-Price/653286113 David Julian Price
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http://twitter.com/realjayrox/status/136950202761347072 Jay Nathan
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http://twitter.com/paynemg/status/136958469944246272 Matthew Payne
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http://twitter.com/pigovian/status/136959770279161857 Matt Barker
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http://twitter.com/colombialawbiz/status/137031581863903232 Hunter T. Carter
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http://twitter.com/unite785/status/137072067047735296 Brnch Sec Ruth H
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http://www.leftfootforward.org/2011/11/uk-not-performing-too-well-in-the-gdp-growth-championship/ UK not performing too well in the GDP growth championship | Left Foot Forward
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http://twitter.com/wtbdavidg/status/137162662533529600 David Gillon
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http://twitter.com/itom05/status/137162966020784128 Tomos Clarke
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http://twitter.com/twowolves/status/137163736321490945 2wolves
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http://twitter.com/marcusaroberts/status/137165258052747264 Marcus A. Roberts
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http://twitter.com/andrewdburns/status/137168547225927680 Andrew D Burns
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http://twitter.com/trakgalvis/status/137169100123287552 Trakgalvis
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http://www.leftfootforward.org/2011/11/chuka-umunna-david-gauke-mark-hoban-newsnight-treasury-obr-borrowing/ Treasury vs Treasury on the borrowing gap: One of them’s wrong | Left Foot Forward
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http://twitter.com/ae_parry/status/137176333859033088 Adrian Parry
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http://twitter.com/dbts60/status/137228278028181504 DBTS
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http://twitter.com/lrynsard/status/137232153300836352 Louis Rynsard
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http://twitter.com/robertcp/status/137283986404814849 Robert CP
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http://twitter.com/petebowler/status/137588652221014016 Pete Bowler
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http://twitter.com/liammars/status/139327987421159425 L
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http://twitter.com/adpucci/status/139330994728738816 Pucci D
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http://twitter.com/jesuscastanedo/status/139331109237432320 Jesus Fernando Cast™
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http://twitter.com/labour52rose/status/139404521242755073 Alex Braithwaite
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http://twitter.com/christhegoth/status/141144751670956032 Christian Wilcox
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http://www.leftfootforward.org/2011/11/whatever-osbornes-growth-forecasts-today-the-reality-is-probably-worse/ Whatever Osborne’s growth forecasts you hear today, the reality is probably worse | Left Foot Forward
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http://twitter.com/yorkierosie/status/141509382306406401 #pressreform
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http://twitter.com/suey2y/status/141509885018914817 Sue Marsh
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http://twitter.com/christhegoth/status/141510648105402368 Christian Wilcox
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http://www.facebook.com/profile.php?id=100000623749669 Giles Bradshaw
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http://twitter.com/morbid_sparks/status/141512622297190400 morbid_sparks
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http://twitter.com/lapocketrocket/status/141512937436225538 Lauren
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http://twitter.com/johnnor/status/141512975029772288 John Nor
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http://twitter.com/croydonfeed/status/141514162827313152 Croydon feed
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http://twitter.com/john_gannon/status/141514258851708928 John Gannon
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http://www.leftfootforward.org/2011/11/obr-confirm-osborne-will-borrow-more-than-the-darling-projection/ OBR confirm Osborne will borrow more than the Darling projection | Left Foot Forward
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http://twitter.com/ivorycutlery/status/141517389849313280 Brian Wallington
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http://twitter.com/amiz_a/status/141660239991812096 Amiza
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http://www.leftfootforward.org/2011/12/uk-to-be-back-in-recession-in-2012/ More grim news: Economists predict UK will be back in recession in 2012 | Left Foot Forward
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http://www.leftfootforward.org/2012/02/excuses-excuses-excuses-the-eurozone-crisis-weakness-in-the-us-or-the-wrong-type-of-snow/ Excuses, excuses, excuses: The Eurozone crisis, weakness in the US, or the wrong type of snow? | Left Foot Forward
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