Jim Armitage: George Osborne's about-turn on the economy is a PR trick
The Chancellor has clearly been enjoying the Dad’s Army repeats over Christmas.
“We’re all doomed!” went today’s address to the nation. At least, he suggests, we will be if he doesn’t keep turning the austerity screw.
Although he’s right that there are many nasties out there threatening Britain’s economy, little has actually changed since his strangely upbeat Autumn Statement in late November.
Commodities back then were in the doldrums, financial markets were weak and China, Russia and Brazil were struggling.
The chances of a UK interest rate rise, to which he suddenly alerts us now, were higher then than now.
In that mini-Budget, having warned for months about growth gloom, he suddenly came over all don’t-panic-Mr Mainwaring.
The UK recovery was “well-established” because of his “long-term economic plan”, he said, even scrapping his austerity attack on tax credits.
So, why today’s flip-flop into negativity? To allow him to say “Don’t blame me” if he misses his borrowing targets.
In other words, a PR trick to confuse the public.
