“TODAY, we take decisive action to deal with the debts we have inherited.” So declared George Osborne, Britain’s chancellor, in 2010 when announcing his plans to close Britain’s structural budget deficit by 2015. He did indeed take decisive action, but it did not deal with the debts. When Mr Osborne delivers his final Autumn Statement of this parliament on December 3rd, he will be less than half way to achieving his goal.
This article appeared in the Leaders section of the print edition under the headline "Check your sums, guys"
Discover stories from this section and more in the list of contents
Explore the edition
After a bright start the ANC has proved incapable of governing for the whole country
More co-ordination is needed, and better access to data
Without good luck or a painful adjustment, the only way out will be to let inflation rip