George Osborne, the really unfortunate chancellor

Like some of his predecessors, Osborne has to cope with a trade deficit and budget deficit at the same time

Britain's economic problem is easy to identify. As a nation, we live beyond our means. Consumption exceeds production. Exports are lower than imports, resulting in a balance of payments deficit that has got bigger over time.

None of this is new. George Osborne is not the first chancellor of the exchequer to arrive in office expressing concern about the unbalanced nature of UK growth. Nor, as things stand, will he be the last.