Osborne's 'cocktail of threats' excuse for the UK's ills has lost its fizz

The chancellor blames Brexit jitters and the global slump for Britain's economic woes - but the truth lies closer to home

Last summer the UK economy was zipping along and the chancellor, fresh from an election victory, was boasting of the best GDP growth in the G7.

Inside the Treasury, it was unthinkable that growth would evaporate within a year, and yet this week's surveys of the construction, manufacturing and services industries, which cover just about all economic activity, show output flattening going into the second quarter.

Related: Services sector slump fans fears of UK economic slowdown