Look at the fundamentals: growth down, borrowing up, more cuts.
The figures speak for themselves: growth, down; business investment, down; and their own deficit target, failed; their debt target, failed".
Pulling money out of the economy will push economic growth down and put upward pressure on unemployment.
Less than a month ago, Mr. Almunia was still expecting 2.2percentt growth, down from 2.7percentthis yearar.
One, the factors that drove growth down, including declines in defense spending and business inventories, are notoriously volatile.
Ed Miliband seized on the deterioration in the OBR's projections in his response to the chancellor's speech, saying: "Growth down, last year, this year and next year.
A slowdown in private consumption to just 0.1 percent growth, down from 0.6 percent in the previous quarter, was also behind the falloff.
That would drag India's GDP growth down to 5.2%, slower than in the thick of the financial crisis.The drought will raise food prices, adding to inflation.
Electricity production averaged 13% growth, down from 15.7% in the second quarter last year.
He's calling for 17% profit growth, down from the 23% growth he expects for all of 2002.
