27 May 2009

Don’t forget the economy


Remember the economy?  The subject that Brown was so preoccupied with before the expenses scandal.  Well, it seems that the Chancellor may have been rather economical with the truth as far as the borrowing figures are concerned.  A survey of 20 independent forecasts predicts that:

….over the next four years the total borrowing figures will be £679 billion. In the Budget Mr Darling said it would be £606 billion. That would mean the Treasury would need to find another £72.7 billion in borrowing.

Last month’s Budget forecast that growth would be 1.25 per cent in 2010 before bouncing back to 3.5 per cent in 2011, 2012 and 2013.

But the average forecast found that in 2010 it would only be 1.25 per cent, and then 1.9 per cent in 2011, 2.4 per cent on 2012 and 2.6 per cent in 2013.

Standby for a revision to the Treasury’s forecasts when Darling knows he is safe in his job.

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