George Osborne's economic year ends with a bump

With the ONS cutting the UK growth rate and government borrowing now much higher than forecast the chancellor's star appears to be waning

George Osborne's year has ended with a bump. Like a Strictly Come Dancing finalist drunk on high marks for his paso doble and tango, he has come unstuck on the last foxtrot.

Official growth figures have been downgraded for the third quarter, undermining boasts that the UK was marching hand in hand with the US as one of the best-performing economies in the western world.

Related: More pain for George Osborne as ONS cuts UK economic growth