An economic shudder has just run down my spine. I just read THIS on the BBC website. In June public borrowing reached a massive £9.16 billion. That's £9.16 billion of Her Majesty's Pounds. It's also 24% more than Treasury forecasts. In the first quarter of this financial year, the government borrowed more than £24 billion. Annualise it, and the government will be borrowing close on £100 billion this year - a seventh of all government spending. No wonder Alistair Darling is seeking to rewrite his own rules. In case you think I am being over dramatic, government borrowing is at its highest since April 1946.
Inflation is set to rocket. Unemployment is increasing. The Balance of Trade is at its worst level ever. The PSBR is out of control. And this is all before the recession has really started to bite. Have I missed anything?
If this sort of financial management goes on, I dread to think what kind of financial situation the Conservatives may inherit in May 2010.
More HERE from the very erudite Devil. And with no swearing...