"In the annals of British postwar history, the 1970s have always had a special place as the awful decade, a time of economic stagnation, industrial unrest and a squeeze on real incomes. It was the decade the postwar boom ended, and the arrival of a hit squad from the International Monetary Fund symbolised that the party was well and truly over.
The analysis on Wednesday of George Osborne's autumn statement by the Institute for Fiscal Studies (IFS) suggested it will soon be time to rewrite the record books, because what Britain is living through now is worse than the decade that gave us the three-day week and winter of discontent".
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