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  George Osborne called us deficit deniers, but we were right.
  
  His economic era is over
  Osborne believed in a world of fantasy economics that had no
  
  foundation in fact and was bound to fail, with devastating and cruel
  
  consequences for ordinary people.
  
  There is a broad consensus among economists that Osbornomics has failed.
  
  In all likelihood it is too late now to do anything to turn the economy around
  
  in time for the 2015 election.
  
  Much is expected of Mark Carney, who takes over soon as the Governor of the
  
  Bank of England, but he may well inherit a poisoned chalice; monetary policy
  
  works with long and variable time lags.
  
  Any move he makes will take around two years to have any real impact.
  
  There is little or no sign of growth. The latest business surveys and mortgage
  
  approval figures were weak, and the Bank of England's Credit Conditions Survey
  
  suggested that small and medium-sized enterprises (SMEs) are still not getting
  
  financing. Triple-dip remains a real prospect, as are further downgrades to the
  
  UK's credit rating. The UK economy has only restored half the 6 per cent drop in
  
  output compared with the start of the recession in 2008.
  
  This has been the slowest recovery in more than a hundred years.
  
  Osborne insisted he had no Plan B and now it is obvious he really didn't. But he should have.
  
  It isn't as if he wasn't warned. On 18 February 2010, 58 distinguished economists
  
  wrote a letter to the Financial Times where they argued that the "timing of measures
  
  should depend on the strength of recovery... with most of the consolidation taking
  
  place when recovery is firmly established... the first priority must be to restore
  
  robust economic growth."
  
  Osbornomics has been nothing more than a visitation of evil spirits on the British economy
  
  . Even the IMF has withdrawn its support, arguing that in all likelihood Osbornomics is
  
  responsible for the poor growth performance.
  
  So this is a recession made in 11 Downing Street. Plus, blaming what has happened
  
  in the eurozone doesn't wash. Its problems were obvious in 2010; it was no time to
  
  weaken the UK economy when our main export market was in trouble.

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