Deficit slashed by £11 billion

A bigger than expected fall in the March budget deficit figure means that the government borrowing figures for 2014/15 have come in below target at £11 billion lower than last year.

Details available on the BBC website at

http://www.bbc.co.uk/news/business-32427155?post_id=100009183077719_1427832750866147#_=_

Very good news that the coalition government is succeeding in reducing the deficit but it is still dangerously and unsustainably high and the crushing debt burden we are leaving future generations is still increasing. That is why Britain cannot afford to abandon the effort to cut the deficit.

I hesitate to quote the Institute of Fiscal Studies because honesty will then compel me to admit that the IFS were fairly rude about the amount of detail which all parties have given about their policies, but I think it is fair to point out that they also said that Labour's policies (and those of all other major parties) would mean a lot more borrowing.

If there were another party on offer which was credibly proposing to borrow a lot less than the Conservatives I think we would have a serious fight on our hands with that party for the votes of the most intelligent and responsible voters, but there isn't. The only clear alternative is proposing to borrow more - while simultaneously claiming, heaven help us, to stand for fiscal responsibility. (The Guardian typo when they accidentally referred to "fiscal irresponsibility" was closer to the truth.)

But at least the deficit is currently heading in the right direction.

Comments

Jim said…
I'm glad to hear that you would vote for another way to reduce the deficit faster. I guess that is why in the next few months you will fully support Harrogate.
7:28 pm
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