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:

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…