Budget 2012: Osbourne's American education

In January 2011, Barack Obama made his second State of the Union address to the House of Representatives. Obama's focus was education and innovation, encouraging investment in science and infrastructure. Today, George Osbourne set out his third Budget as Chancellor. He too made the idea of innovation a recurring theme in his plans.

Osbourne encouraged Britain "to earn its way in the world." This may seem like a soundbyte that will never stick but the message behind this is more important. This Budget has placed focus on young people starting their own businesses, backed by more generous loans for start-ups, tax cuts and government assistance in management structures for young businessowners. What Osbourne is encouraging is people getting out there and working their way out of economic gloom, to push Britain to surpass the BRIC countries. He promotes a society that will roll its sleeves up, get stuck in and lift us out of the rut we currently find ourselves in. . a bit like a country called America.

Founded upon the idea of the American Dream, where if you work you succeed, Osbourne's holiday in the U.S. seems to have openly influenced his Budget. His focus on small business and working families are empowering them as the economy's way out of hardship. There was a time when government would simply increase its safety net, the welfare state, and support those in trouble to ride the storm out. But this time sees a different approach.

Moreover, Osbourne's hope that Britain will become "Europe's technology centre" by giving tax credits for the video game, animation and TV industries draws further parallels with Obama. The Budget 2012 will no doubt make headlines for the cut in the 50p rate of income tax, but less attention will be paid to this: the digital Budget. When Osbourne challenged the universities and the innovators to turn Britain into a hub for technological brilliance. More games, more episodes of Downton Abbey, will play a major part in building our economy. This is Osbourne's American education and time will tell if it was more worthwhile than an Etonian one.