Europe and Britain sinking under weight of welfare costs

So how did Mr Nasty – aka George Osborne – do? I give the Chancellor a qualified thumbs-up for his party conference speech, even if the word “growth” was almost as absent from his rhetoric as “deficit” was last week from Ed Milliband. Osborne is as unforthcoming on how to get the economy growing again as the Labour leader is on dealing with our debts.

We can quickly dispense with the “shares for employment rights” initiative – this was just an irrelevant gimmick which will struggle to gain traction even in start-up companies.

But in choosing to focus so strongly on the need for welfare reform, the Chancellor put his finger on the nub of the problem, not just for Britain, but for virtually all advanced economies.

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