While listening to the BBC this week, I heard a recitation of the spending cuts proposed by the new goverment. I was quite impressed, and pleased to hear that an administration was undertaking such an unpleasant and unpopular task.
Then... I saw this cover of The Independent. The red boxes show how much the debt is being cut...
Via The Daily Dish.
I think that cover is a bit misleading. The £6bn in cuts is not a reduction in the national debt but a reduction in the budget deficit (how much we're adding to the debt this year). The debt's still going up and up, but this year it will *only* go up by around £156bn. Will we ever see a budget surplus?ReplyDelete