Back when it all began on 22 June 2010, the then Conservative chancellor of the exchequer, George Osborne, delivered what he described as “this unavoidable budget”.
A package of savage spending cuts and painful tax rises lay at its heart. “Today we have paid the debts of a failed past,” Osborne said. “And laid the foundations for a more prosperous future.” The message was that the Tory-led coalition was riding to the rescue to put right the wrongs of 13 years of Labour government, and, after a short sharp shock of austerity, soon all would be a bed of economic roses.
