My prediction is that when the ''going for growth'' story fails, it will be blamed on the imminent global recession. It will be treated as an unfortunate factor outside of government's control. They'll say it was unpredictable but it won't have been.
The pound's fall in the exchange rate will mean that inflationary pressures will increase. Petrol, for example, is traded with the dollar and we've just lost something like 7% on sterling so that's 10p to put back onto the sterling price of a gallon of petrol. The same inflationary pressure will apply to all imported raw materials traded in dollars, slightly less for euro-traded materials.
That money given to the well-off is our debt to be paid back at rising interest rates, a debt burden that will suck more and more money out of the economy making growth even less likely.
I hope that I'm 100% wrong.