The Budget: Remembered for Slower Growth, Fuel Cuts, Changing Research or Elizabeth Taylor?

This was the third major financial statement from Osborne since the coalition came to power 10 months ago. And this first year has not gone as well as he would have hoped. Economic growth has been slower, unemployment still rising and cuts still to take full effect. The Labour chants of ‘same old Tories’ (dull and untrue) and the Tory response ‘look what we inherited’ (dull and not completely true), is becoming repetitive and makes many political followers lose interest due to the lack of change in the argument.

Conversely, there is some positive new for universities. Increasing the number of University Technology Colleges, increasing the number of apprenticeships and a vocal (if not always financial) commitment to research and education. The Higher Education sector has already suffered but there was no changes in the scholarships available for students under the new funding regime or new funds for research. I also doubt that there are any new funds available for departmental research budgets. What there is, however, is a commitment to research in the UK and investing in business to undertake research.

There has been much discussion that the government is funding science/technology research at the expense of arts/humanities/social sciences. I think the policies are seeing a movement of research away from the university. Whether there can be enough, quality researchers (particularly at doctoral level) if there is not sufficient funding in universities can be left to be questioned. Business will fund research which makes money, it is yet to be clear what will happen to other research which has a cultural, society impact. That said, I doubt this nuance will make tonight’s news.

I think there is probably enough to hold off political attacks on the Tories for a little more time due to the fuel tax cuts. However, in the longer term they have got to hope that the activity which they have chosen will actually stimulate some growth in the economy. If stagnation continues then the criticisms that the Tories are harsh and failing will not be able to be washed away with attacks on the previous government.

That said, the announcement of the death of Elizabeth Taylor during Osborne’s speech may be a great stroke of luck and cause some distraction from the detail of today’s speech. The fortunate timing of some sad news, just needs to be backed up with some luck with the economy for the Chancellor over the next quarter.

I can think of some news editors who might be scratching their head on how to order tonight’s bulletins: Fuel, down grading growth or Taylor to be the top story?