Where's the growth?

To first-quarter growth figures were revised down today to just 0.5%, suggesting that Greatest Chancellor Of All Time (henceforth known as GCOAT, or Billy for short) won't meet his growth forecast for this year.

But more interesting was the breakdown of those figures. The only sector of the economy showing any significant growth was government spending, with a rise of 0.7%.

The real economy gets smaller, while the government keeps getting bigger. Even Billy will have trouble keeping that going. Soon there won't be anyone left to tax.