Our public finances are now a disaster, a scary disaster. There is one graph on Burning our Money that brings this home. An ONS graphic where the trend disappears off the page. Don't they realise that their final few months in office are proving the ruination of the country?
Not according to Philip Woolas. This is the best economic policy that our money can buy. A pity that it is our money and their policy. Without the red ink in the sand, our recession would have been worse and the economic damage more grave. From where I am standing, on tip-toe, looking out at the approaching gravediggers, I would beg to differ.
On a current basis, the deficit is soaring and a debt spiral is now a possibility. The OECD has recommended drastic action immediately. Let us hope that the markets enforce action BEFORE the general election so that the authors of this scorched earth policy reap the benefit of impoverished voters before they leave office.