Budget 2015: Grappling with Austerity is our Generational Struggle

Never in the course of Budget history have so many tweaks and gimmicks made so little difference.

"VAT will almost certainly rise within months."

And there the Churchillian analogy ends – unless you count an exceptional fondness for alcohol.

Britain's battle with debt will last longer than any world war, longer than any recession, and far longer than any Parliament.

Grappling with austerity is our generational struggle – won in increments, against great setbacks, and with many political casualties.

Our debt to GDP ratio is still far ahead of developing economies such as Egypt, India or Brazil.

Stabilising this is only the first step towards true progress.

In the meantime tax cuts today are utterly pointless if they only mean higher taxes and faster spending cuts in future.

VAT will almost certainly rise within months.

An enormous surplus is as unlikely as it would be pointless.

All new spending will be unfunded until our creaking political system can balance the books.

It also matters where the money is spent.

Truly sustainable growth is a goal worth fighting for, even if it’s still far out of reach.

That means prioritising spending towards investments that can boost growth, rather than cutting capital budgets. But first it means being honest about the tax rises and the cuts that are both looming after the election.

Otherwise all our futures will all be poorer, whether we choose to open our eyes or not.