The chancellor said inflation was the enemy and one of the reasons he gave is that it causes industrial unrest. That is exactly what we are seeing right now.
Public sector unions are demanding big pay rises because inflation is running at 11% – the highest rate in 40 years.
That is driving down the value of our wages, driving down our living standards, so that is why teachers are due to go on strike next week, paramedics the week after, and nurses after that.
And while the chancellor announced £1.5bn extra spending for health and education in Scotland over the next two years, there is nothing new now – no new money this year.
There is no new cash for John Swinney, the deputy first minister, to take into negotiations with the health unions next week.
He had been looking for an extra £200m to try to negotiate a deal to avoid strikes. He didn’t get that, but he will have to find it from somewhere because the nurses, paramedics and other health workers have rejected his current offer.
He needs to improve it if NHS strikes are to be averted.
And as we unpick Thursday’s statement, we can see that the Federation of Small Businesses and chambers of commerce are unhappy there was no long-term security on energy bills.
Meanwhile, oil and gas giants are warning that extending the windfall tax could affect investment in the North Sea, and Scottish Power say that a 45% windfall tax on renewable energy producers means a recession made by gas will be paid for by renewables.