You can blame Osborne if you like, but the British public also has to take some blame. They didn’t protest while Brown was pursuing his moronic borrow and spend binge and at the slightest sign of “austerity” they whinge even more.
“Cuts”? The “cuts” are insignificant compared to what is really needed. VAST sums have to be cut from benefits and indeed from most other areas: quangoes, advisors, consultants, H&SE, the EU and so on.
Otherwise we are finished. Why are politicians unwilling to do this? Because the public A) understands nothing about national economics (despite knowing you can’t endlessly spend more than your income) and B) expects a magic solution and therefore C) Any government doing what is really necessary (which is going to be VERY painful) will be politically punished, and in the UK’s case involve handing back power to the very same party that caused the problem in the first place.
The British (and above all Scottish Labour Party voting fodder) public will vote Labour in at the next election in the hope of the latter, and things will get WORSE.
It is not looking good, but it will be even worse elsewhere, in France for a start.
The bizarre thing about about this crisis is the endless stream of ministers and unelected morons in Brussels claiming the crisis is over or improving whereas MUCH worse is yet to come.