The European Commission questions the economic forecasts of the Chancellor, presenting a far worse set of figures:
The Commission said that "the likelihood that economic activity in 2010
will be weaker than envisaged by the UK authorities" will compound a "very
significant" deterioration in public finances.
It expects UK unemployment to rise to 9.4pc by 2010 leaving 3m workers jobless.
"The UK economy is now clearly experiencing one of its worst recessions in recent history," the EC said. It expects GDP to decline 3.8pc this year and projected that growth will remain negative for the first three quarters of 2009 followed by two quarters of "virtual stagnation and only a gradual return to slight positive growth by late 2010".
Did they factor in the damage they will do with their continued regulation of the financial sector, Britain's economic specialism, and the increase in the cost of capital for all of the Continent. A sustained economic attack on one member can only result in our detachment, if we have a Eurosceptic Tory government. Is that what they want?