The OBR originally hoped the tax system would collect revenues worth 38.8 per cent of national income in the coming 2014-15 tax year, a figure that has progressively been revised down to 37 per cent.
These downward revisions do not reflect any weakness in the economy – as they are proportional to national income – but disappointing revenue collection.
Weaknesses in corporation tax receipts from the financial sector, declining North Sea revenues and low pay growth hitting income tax revenues are all exacerbating the difficulties of bringing down borrowing.
(Read more: As UK regains strength, time to hike rates?)
Four years into the economic recovery, and despite Mr Osborne's extensive tax increases, the OBR now expects the exchequer to collect 37 percent of national income in revenues in 2014-15, no higher than the figure in 2010-11.
In the recovery from the 1990s recession, tax rises led to a surge in revenues, raising revenues from 34.8 per cent of national income in 1993-94 to 37 per cent in 1997-98.
The chancellor is choosing to highlight the specific tax cuts coming in April rather than his full record or the disappointing revenues. On top of the personal allowance increase and fall in the corporate tax rate, the annual corporate investment allowance, an incentive to encourage companies to invest in plant and machinery, will increase from £250,000 to £500,000 from April 1 until December 2015.
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