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Kings Buildings to George Square cycle route.

Graphic: change of pace in daily transport

Spending is growing more slowly than inflation, according to new figures from the Office of National Statistics which show retailers suffered their worst performance in nine months.

The table from the Budget Red Book highlights the way in which spending reductions are stacked towards the end of the forecast period. Tax cuts will be felt in 2013-14. Clearly Osborne is putting off the pain until the economy is stronger – and, noticeably, until after the next election.

Central government debt interest (£bn)


Bill Jamieson writes: The good news here is that the annual debt interest burden is notably down on the March 2011 Budget projection -a reduction of some £32 billion between 2010-11 and 2015-16. However, the debt interest burden keeps climbing – the new figure for 2016-17 is £64 billion. You could say that's well into the future and beyond the date of the next election so no need to worry for now. But when we get there, this burden from the past will be resented.