Economist David Blanchflower says Osboure has taken the cowards route:
The chancellor should fight the war against the recession first instead of running up the white flag with his deficit-cutting plans.
His economic strategy is to cross his fingers and hope that the private sector will create 2.5m jobs within five years, despite the fact that between 2000 and 2008 only 1.6m private sector jobs were created. Recovery is going to be a long slog.
The austerity package is likely to turn out to be the greatest macro-economic mistake in a century.