At last, tax receipts are surging as Osborne’s recovery continues

The economic good news continues. Until now, the Achilles’ heel of the recovery was weak tax revenue – in part deliberate, as Osborne’s tax cuts meant the thousands moving into work got to keep more of their money. But figures out today (pdf) show that the tax haul was up 5.3 per cent in the second half of the financial year, twice the rate of the first half. Wages are finally rising – in the private sector (i.e. most jobs) wage growth is at a six-year high. All this means a deficit of £87bn last year, better than the OBR’s forecast £90bn.

In short: it’s all coming good for George Osborne. But at this stage in the election campaign, he’ll be lucky if anyone notices.