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The chancellor was candid about Britain's woefully poor productivity record.
The UK has the second worst productivity record of the G7 leading Western industrial nations.
Its high interest rates discourage the investment spending it needs to improve its poor productivity record.
Only Japan of the G7 countries had a worse productivity record, the ONS said.
The OECD draws a link between Britain's poor productivity record and the squeeze on living standards over recent years.
ICT, Intangible Investment and Britain's Productivity Record Revisited", by Jonathan Haskel, Mauro Giorgio Marrano and Gavin Wallis.
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Less well explained is the link between the credit crunch and productivity recorded since the slump.
We studied both manufacturing and distribution plants, some with exemplary safety and productivity records and others that lacked either good safety or productivity.
Both Italy and Portugal have had poor productivity records, although the microeconomic reforms proposed by Italy's newish government are steps in the right direction.
Since then Lauderdale has been on a mad tear of productivity, recording albums with a wide range of collaborators, from a Grammy-winning set with Ralph Stanley to Patchwork River (Thirty Tigers) in 2010, one of his strongest albums featuring lyrics by Grateful Dead lyricist Robert Hunter.
But now, after two days of the London 2012 track cycling programme, it seems Britain's Olympic medal factory might be about to break all productivity records.
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