Listen — Fraser Nelson on what the budget means:
Yes, it's a recovery. The good parts of the Budget will be all over the media right now - the Treasury is very good at broadcasting its achievements. We'll cover them too, in a bit. But for now, in the interests of balance, here are some graphs that you won't find in the Budget, using data taken from its small print.
1. The Deficit - an improvement since last year's forecasts (thanks to higher growth). But still far adrift from what Osborne promised initially (in yellow, below).
2. Osborne fails his own debt test. The Chancellor congratulated himself for sticking to the course. "We set out our plan. And together with the British people, we held our nerve."
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