Is George Osborne a man who won't stand up to big businesses?

The fragile global economy, Britain's growth, Google's tax deal and the sale of Lloyds shares - there was plenty to discuss when I interviewed Chancellor George Osborne.

  • Global outlook uncertain - but UK economy grows

The outlook of the global economy is still uncertain. Credit: Reuters

China is slowing, Russian and Brazil are in recession, the global outlook looks highly uncertain but the British economy continues to grow.

Output expanded by 0.5% in the last three months of last year and grew by 2.2% during 2015 - under the circumstances that's not bad at all.

Age old issues are unresolved. Once again the services sector did all the work, British manufacturing output withered.

The chancellor's ambition to re-balance the British economy still looks dreamy, his "March of the Makers" is yet to get going.

  • Lloyds delay

The upheaval in global financial markets has affected us. The fall in asset prices had forced the Chancellor to postpone the sale of Lloyds shares to the general public.

The retail offer had been scheduled for "the Spring" it will now happen "when the time is right" which may not be for some time.

The Chancellor has raised £16 billion so far reducing the taxpayer's stake in the bank from 43% - 9%. In a sense this in no surprise.

The breakeven price is 73 pence a share, Lloyds' shares are currently changing hands for far less. Why would you sell at a loss?

The fortunes of our banks are a pretty good proxy for the British economy - none more so than Lloyds which does 95% of its business in Britain and has 25 million customers. At the moment its prospects look a little dimmer.

  • Osborne concerned

Tata Steel workers have been hit by a wave of job losses. Credit: PA Wire

The collapse of commodity prices has been a wonderful thing for the majority of people living in Britain but in the North Sea and in what's left of the Britain's steel industry its creating havoc. Companies are cutting budgets and jobs.

George Osborne speaks of his concern.

He could cut taxes for companies in both industries but he shows no inclination to do so.

The economy as a whole is expanding, jobs are being created, companies should be making more money and paying more taxes.

  • Lack of transparency over Google is a problem

Google's tax arrangements are a source of controversy. Credit: PA Wire

The chancellor was reluctant to talk about Google.

He makes the point that the tax settlement was made possible by the introduction of his Diverted Profits Tax last April, he clearly expects Facebook, Amazon and others to reorganise their tax affairs.

Fair enough but the deal struck with Google leaves many with the strong sense that multinational companies works to different rules than the rest of us.

The chancellor chose to do this morning's interviews at Airbus, a company which pays an effective tax rate of 20%.

We still don't know what Google pays. The reported 3% figure feels unlikely but the chancellor won't elaborate. The lack of transparency is a problem, for us and him.

  • Osborne - a man who won't stand up to big business?

George Osborne speaking to ITV News. Credit: ITV News

There has been an attempt, most obviously by his political enemies, to cast George Osborne as man who won't stand up to big businesses: HSBC threatens to move its headquarters away from London, the chancellor cuts the Bank Levy; energy companies stand accused of over-charging their customers by the regulator, the Chancellor doesn't intervene.

At the moment the deal with Google fits that narrative.