George Osborne, the Tory chancellor, who only six weeks ago was boasting about the strength of the British economy, has now had to issue a bleak warning for the coming year. 2016 could mark “the beginning of the decline” for Britain unless the country swallows a large dose of austerity medicine. A culmination of weakening world growth, plummeting oil prices, and a sharp slowdown in China, amongst other things, has blown Osborne’s economic predictions out of the water. His latest talk is of “a dangerous cocktail of new threats”, which have suddenly emerged.