UK economy is using low interest rates as life support. It can't end well

George Osborne's plan is failing, with manufacturing in freefall and consumer demand only high due to cheap borrowing

The latest news for trade and manufacturing speaks volumes about the state of the UK economy: weak, unbalanced and highly dependent on continued low interest rates to keep it going.

This is not the way it was supposed to be. When George Osborne became chancellor six years ago he pledged a new growth model - one based on exports and humming factory output rather than debt-financed consumer spending.

Related: Weak industry data set to weigh on UK economic growth

Related: Surprise slump in UK manufacturing - business live