Friday, May 21, 2010
Oh noes, a double-dip recession!
The ONS has revised government borrowing figures downwards yet more, to £156bn (src). That's nearly £19bn below Treasury forecasts. At the risk, therefore, of sounding like a stuck gramophone record, why is the left getting its knickers in a twist about cutting by a comparatively trivial £6bn?Because if losing £6bn from public spending was going to send the economy into a tailspin, surely losing three times that much is three times as likely to cause the damage. Even by the left's own version of economics, cutting by £6bn cannot be too great a danger.