Osborne Running Second Highest Deficit in OECD

ONS numbers out today show that public sector net borrowing was £9.4 billion in June,  so the government is overspending by a mere £2 billion-a-week. So much for austerity…

Treasury Questions – coming up this morning – will be a chance to ask the austerity Chancellor how he is doing on the deficit compared to other finance ministers:

Budget-deficits[1]

Of the OECD’s industrialised nations only Japan currently has a worse deficit, financially chastened Portugal, Italy, Greece and Spain are currently showing more fiscal discipline than the Chancellor. George’s illusion is permitted by the financial markets because of a combination of QE (money priniting) and the fact that Osborne talks a good book when it comes to austerity. Though the rhetoric can sometimes fail him when he’s questioned by the likes of Kay Burley

Building HS2 on £50 billion of borrowed money, renewing Trident on borrowed money, borrowing billions to subsidise EU competitors, borrowing billions that end up aiding third world dictator’s offshore bank accounts… It all mounts up…




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

Quote of the Day

Stella Creasy at Jewish Labour fringe event…

“I was going to say something about how good it is being a Jew in the Labour party at the moment… but someone told me you guys don’t get irony.”

Sponsors

Guidogram: Sign up

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