A current account deficit of £92bn is the biggest since records began in 1948Over the years Britain has racked up some monster balance of payments deficits. The UK went spectacularly into the red during the boom of 1973 and again when the economy overheated in 1988.But forget Tony Barber. Forget Nigel Lawson. No chancellor since modern records began in 1948 has presided over as big a shortfall on the nation’s current account as George Osborne in 2015.Related: Current account deficit hits record high as GDP revised higher Continue reading...

In the 19th century British steel production was the envy of the world and a key driver in the industrial revolution. Since then steelworks have been central to their communities. But with cheaper imports flooding the European market, the UK’s steel industry is now in crisis – and Tata’s decision to sell its British operation makes it an existential one

A return visit to the Building Bloqs initiative – in a suburb best known for stabbings and mini-riots – shows what social enterprises can do with proper supportJournalists are like pigeons: they all flock at once to the same feeding ground, then fly off together, leaving behind only their indelible crap. Venal bankers, Afghanistan, the northern powerhouse … stories are hot until they are most decidedly not, and, unlike Star Wars, the readers never get a sequel.I always hoped to revisit Building Bloqs – I just didn’t know if it would still be standing. When I wrote at the start of 2015 about the big orange shed plonked by a canal, it was with an anxious excitement. In Edmonton, a suburb of north London normally in the headlines for yet another stabbing or mini-riot, here was a bit of good news. In an industrial hub where the factories had long ago turned into warehouses and gigantic superstores offering low-wage jobs, here were people once again actually making something.Related: It’s not just the UK left behind by ‘booming’ London. It’s Londoners too | Aditya ChakraborttyIn London a house earns more in two days than the average worker in a week Continue reading...

More than two-thirds of employees say they are spending longer at work but only 10% say they are more productiveMost British workers are spending longer at their workplace for little or no gain in productivity, according to a landmark study being released this week.

Rolling coverage of all the day’s political developments as they happen, including George Osborne being questioned by the Treasury committee about the budget

Sterling falls after new poll shows narrow lead for remain vote; boss of EDF tells MPs that a new nuclear plant will be built at Hinkley.

What can we do about the secret cut George Osborne made to the NHS repairs fund in his budget last week? Continue reading...

Fall in tax receipts means George Osborne is likely to breach his own rule, that annual deficit should fall in each year of parliamentGeorge Osborne’s plan to cut the budget deficit remained off-track in February after self-assessment tax receipts failed to repeat last year’s bounce. Official figures showed that borrowing is likely to be higher in this financial year than in 2014-15, in breach of the chancellor’s fiscal rule that the annual deficit should fall in each year of parliament.But inflation remained subdued at 0.3% for the year to February, helping to underpin forecasts for economic growth that depend on modest increases in consumer prices relative to wages over the next four years.Related: UK government's borrowing target adrift after fall in tax receipts Continue reading...