Stephen Castle, the NYT correspondent in London, takes a critical look at George Osborne‘s record. He cites the move by George Osborne, chancellor of the Exchequer, being a significant tactical retreat, in the face of political opposition, in his drive to shrink the British state and balance its budget.
If you read the article carefully there are a number of important criticisms. let me give you a flavor of the ‘BUTS’:
Britain still has a large budget deficit, relatively high public debt and low productivity.
Mr. Osborne remains far behind his originally promised timetable for balancing the budget
I’m also suspicious of Osborne’s tinkering with the UK housing market.