On housekeeping

UK public finances are in a mess as is the economy. Since the Budget, forecast borrowings for 2009-1...

UK public finances are in a mess as is the economy. Since the Budget, forecast borrowings for 2009-10 have exploded. What is worse, the increase has nothing to do with the Chancellor's pre-Budget report, rather it reflects a drastic rewriting of history. The UK economy is smaller and growing far slower than first thought. It is hard to avoid the conclusion the Government has lost control of its housekeeping. Against that background comes the '£20bn' stimulus package, to be financed by yet more borrowing. Yet while the Government deserves a thorough beating for having trashed the economy...