"100-120,000 public sector jobs and 120-140,000 private sector jobs assumed to be lost per annum for five years through cuts."
i) There's job creation too. The Guardian goes onto report that "The Treasury is assuming that growth in the private sector will create 2.5m jobs in the next five years to compensate for the spending squeeze." So that's an expected net jobs gain of 1.2 million. How much of that can be attributed to Osborne's tax cuts, rather than just untampered growth, is uncertain. But the number is certainly worth noting down.
ii) Labour job losses. Do the Treasury forecasts account for all the spending cuts over the next five years? Or do they account only for the new spending cuts announced in Osborne's Budget? You see, there's a world of difference between the two, and the Guardian doesn't make it clear which we're dealing with here. If, as I suspect, it's the former, then a large proportion of those job losses would also have occurred under Labour's proposed cuts, which Osborne simply added to last week. Indeed, it's unthinkable that the Treasury didn't produce similar job loss figures when Darling was in charge and cutting spending. But, happily for Labour, they were never leaked at the time.
In the end, I suspect that the biggest danger to the coalition will be that this undermines their claim to transparency. And it doesn't really help them to point out how Gordon Brown practically made numbers up when it came to the jobs his measures had "saved". But, despite that, the fact remains that this story may not be as awful as it first appears.