May 2010: George Osborne, Britain’s Chancellor of the Exchequer, was adamant that his policy was correct: cut the deficit straight away, begin the cuts immediately, cut government subsidies and shrink the public sector. Manufacturing and the rest of the private sector will step in to lead the country out of recession.
June 2011: He may still be adamant but the economic figures tell a different story:
British manufacturing slumps.
Mortgage lending drops.
Consumer spending falls.
Inflation rises to 4.5%