Through the Looking Glass Economics

The news agenda yesterday oscillated between Phil Hammond saying that the Tories had only identified £1.5 billion of cuts and Labour seizing on Cameron’s shift of emphasis saying that there would be no swingeing spending cuts, just a start on cuts in 2010.  Mandelson claimed that the Tories would pull the rug out from under the recovery by cutting £11 billion this year when he himself said only last month that we need to cut £80 billion-a-year within 4 years.  The government is even legislating to that effect.  It is like the Mad Hatter’s Tea Party:

`Have some wine,’ the March Hare said in an encouraging tone.  Alice looked all round the table, but there was nothing on it but tea. `I don’t see any wine,’ she remarked. `There isn’t any,’ said the March Hare.  `Then it wasn’t very civil of you to offer it,’ said Alice angrily.

Meanwhile, back in fiscal reality, Britain is the most indebted nation in the industrialised world.  McKinsey released research yesterday which puts the “billion here, a billion there” political squabbling in perspective.


Have the politicians grasped the magnitude of the deep hole Britain is in? The Tories have publicly identified spending cuts equivalent to less than ¼ of a percent of GDP.  The government is overspending by some hundred times that amount.  This is “through the looking glass” economics.

Alice laughed. “There’s no use trying,” she said: “one can’t believe impossible things.” “I daresay you haven’t had much practice,” said the Queen. “When I was your age, I always did it for half-an-hour a day. Why, sometimes I’ve believed as many as six impossible things before breakfast.”

We can’t go on like this…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Gina Miller on her role as “superwoman”:

“I have always been a troublemaker. I always saw myself as Superwoman, someone who could save the world.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Mili-Binned: As it Happened Mili-Binned: As it Happened
Legs-It Is Not Bigotry, It’s Popular Journalism Legs-It Is Not Bigotry, It’s Popular Journalism
Paul Mason Loses IPSO Complaint Against The Sun Paul Mason Loses IPSO Complaint Against The Sun
Amber Rudd & Fleet Street Don’t Understand Encryption Amber Rudd & Fleet Street Don’t Understand Encryption
Sunday Shows Sunday Shows
Watch: Brillo’s Message to Terrorists Watch: Brillo’s Message to Terrorists
Channel 4 and Guardian Sanctimony Backfires Channel 4 and Guardian Sanctimony Backfires
We’ve Named the Wrong Man: Channel 4 News in Shocking Blunder We’ve Named the Wrong Man: Channel 4 News in Shocking Blunder
PICTURED: Minister Tobias Ellwood Gives CPR PICTURED: Minister Tobias Ellwood Gives CPR
Westminster Attack – How it Happened Westminster Attack – How it Happened
Gallery Guido’s PMQs Sketch Gallery Guido’s PMQs Sketch
HS2 Gravy Train Rides Again HS2 Gravy Train Rides Again
Three of Five Gorton Candidates Back Iranian Government Three of Five Gorton Candidates Back Iranian Government
Get The Look: May in Vogue Get The Look: May in Vogue
Exclusive: Jon Lansman was at Unite HQ Just Two Weeks Ago Exclusive: Jon Lansman was at Unite HQ Just Two Weeks Ago
Leaked UKIP Memo: Candidates Must Leave Social Media Leaked UKIP Memo: Candidates Must Leave Social Media
Guido Investigation: Trojan Horse at the Heart of Birmingham Labour Party Guido Investigation: Trojan Horse at the Heart of Birmingham Labour Party
“St Patrick was an Immigrant” “St Patrick was an Immigrant”
Watch: McLoughlin vs McCaffrey Watch: McLoughlin vs McCaffrey