The Bank of England and the Office for Budget Responsibility think the slow pace of growth since 2010 owes more to the eurozone and importedinflation than it does to Mr Osborne's tax rises and cuts in public investment.
It didn't, probably because the pound's fall against the euro had pushed up the price of goods imported into the UK, raising the spectre of higher inflation.
Inflation picked up earlier in the year, mainly reflecting higher prices for some commodities and imported goods, as well as the supply chain disruptions.