George Osborne has probably done enough to ensure that the public finances are back on track and that the national debt will not run out of control.
He has, however, taken only the first step on the road to reducing the size of the state. The government will spend the same proportion of national income in 2015 as it did in 2007. In other words, the size of the state will be no smaller when David Cameron goes to the country than when Gordon Brown left the Treasury.
Much more could have been done and low-hanging fruit has been left on the tree…
Read the rest of the article on The Spectator’s Coffee House blog.