Osborne’s fairy godmother can’t make debts vanish forever

A succession of windfalls from privatisations, pensions and bank fines have created an illusion of prosperity in the chancellor's Britain. It can't last

George Osborne has a fairy godmother who, with a wave of her wand, showers money over much of the population. It hardly seems possible in this age of austerity, but it happens all the time and soothes the anger of many who might otherwise protest at the closure of local amenities and cuts to welfare budgets.

This godmother comes in several guises, but essentially always does the same thing: she steals from the future to pay for things today.

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