Excusing its own piss poor performance, the OBR says that higher than expected inflation was the culprit. High prices reduced real incomes and dissuaded people from shopping.
Did no one tell them that increasing VAT to 20% and increasing fuel duty would take money out of the real economy and thus reduce non-state spending power and push us further into depression? Shame.
Gregb, you are, in my opinion, absolutely correct. VAT should be no more than 10%, regardless of the mess we are in, and petrol should be less than £1 per litre. The fact that Mr Osborne expects us to be grateful that he has delayed yet another hike in the price is risible. The fact that we have let him raise the price to nearly £1.40 per litre is depressing; what do they have to do to us before we take matters into our own hands, reverse their money-grabbing decisions and punish them for what they are.