2,541 views
Sustainable Economy > Published by Cormac Hollingsworth, October 18th 2011 at 3:25 pm

For every extra £4 spending is cut, it only cuts borrowing an extra 75p

Print Friendly

You still hear the coalition cry that it had to cut spending because “for every £4 that Labour spent, it borrowed £1”.

Gideon-OsborneThe evidence is now clear that unfortunately under the coalition plan A we’re doing even worse: for every £4 the coalition cuts in spending, it only cuts borrowing by 75p.

As the economic stagnation of the first full year of coalition Plan A unfolds, the new EY-ITEM club forecast for the year-end borrowing is for it to be at least £8 billion more than the OBR March forecast.

We’ve updated our numbers from last month below:

   
A Budget deficit 2010-11 £136.7bn
B Darling’s budget changes (est frm Mar 10)    -£3.7bn
C OBR June 2010 estimates of policy changes    -£16bn
D Stagnation increase to deficit (EY-ITEM) +£13bn
E EY-ITEM forecast of budget deficit £130bn

As we can see from the table, Darling promised to implement spending cuts of a total of £3.7bn (line B). However Osborne increased that targeted spending cuts by a further £16bn (line C). So from a budget deficit of £136.7bn (line A), Darling aimed to bring UK plc to a deficit of £133bn but Osborne was more ambitious and aimed to bring UK plc’s deficit to a targeted £117bn – a full 16bn more than the Darling plan (Line C).

However due to the slow growth that resulted from the spending cuts needed to implement Osborne’s target deficit reduction, the Ernst & Young ITEM club predicts that HMRC will receive £13bn less than was expected by Darling for this financial year in tax receipts (line D). As a result although spending has been cut by Osborne by £16bn more than Darling would have cut spending (line C), the lost £13bn in tax receipts results in a total net reduction of UK plc’s deficit over and above the Darling target of only £3bn or, to put it in other words, the deficit will be £130bn (line E) compared to Darling’s target of £133bn.

In summary, for the additional £16bn of cuts over Labour’s proposed plan, there has only been a corresponding reduction in UK plc’s deficit of £3bn over what Labour planned or to put it in layman’s terms, so for every £4 the Tories have cut over and above Labour, there has only been an additional reduction in the deficit of 75p.

We repeat that you require growth to cut the deficit.

Labour’s Darling plan for cutting the deficit was based on growth cutting the deficit. And we now know that because 2010-11 saw the fastest growth for a decade that growth cut the deficit by £10bn alone.

This year, with still 6 months to run, the cost of the Plan A stagnation has been £13bn. The ITEM club forecast is now for the coalition will borrow more than Labour in its first year of plan A!

The problem for the coalition is that as a consequence of them breaking their promise to protect our banks from the resurgent international banking crisis this could get even worse. Is it possible that there will be no reduction in the deficit at all?

If our banks are forced to de-lever because the crisis is not addressed, then is it possible that there will be no reduction in the deficit at all?

See also:

• The coalition has flunked preparations for this banking crisis – Cormac Hollingsworth, October 10th 2011

• Just who WILL Osborne listen to? – Cormac Hollingsworth, October 3rd 2011

• Growth cut the 2010-11 deficit as fast as cuts – Cormac Hollingsworth, September 22nd 2011

• Without growth will we even halve the deficit? – Cormac Hollingsworth, September 20th 2011

• “Unrealistic assumptions”? Who is Mr Osborne talking about? – Cormac Hollingsworth, September 7th 2011

  • http://twitter.com/moderndissenter/status/126379370200825857 David Andrew

    (Left Foot Forward) The crisis gets worse: For every £4 spending is cut, it only cuts borrowing 75p : http://t.co/c9zitvkj

  • http://twitter.com/araarabella/status/126390529171791872 araarabella

    Wow. For every extra £4 in spending cut, UK govt now only borrows less by 75p http://t.co/WSmSFPop RT @leftfootfwd

  • http://twitter.com/rk505/status/126411277642891265 Ravi Kumar

    Wow. For every extra £4 in spending cut, UK govt now only borrows less by 75p http://t.co/WSmSFPop RT @leftfootfwd

  • http://twitter.com/f8vnz/status/126412044193902593 Philip Painter

    Is this true? "For every extra £4 spending is cut, it only cuts borrowing an extra 75p" http://t.co/vUBACBSL

  • http://twitter.com/daoudmsund/status/126412380023439360 dave m

    Is this true? "For every extra £4 spending is cut, it only cuts borrowing an extra 75p" http://t.co/vUBACBSL

  • http://twitter.com/philbeardmore/status/126415476715831296 Phil Beardmore

    Wow. For every extra £4 in spending cut, UK govt now only borrows less by 75p http://t.co/WSmSFPop RT @leftfootfwd

  • http://twitter.com/msmixima/status/126429113958408193 Michael Smith

    Wow. For every extra £4 in spending cut, UK govt now only borrows less by 75p http://t.co/WSmSFPop RT @leftfootfwd

  • http://twitter.com/asitseemstome/status/126458843877212160 Fiona McMahon

    RT @leftfootfwd stat of the day: for every £4 cut, we only cut borrowing by 75p: http://t.co/sbqCXRKE (via @danielelton)

  • http://twitter.com/csignals/status/126480867131523073 csignals

    The crisis gets worse: For every extra £4 spending is cut, it only cuts borrowing an extra 75p, writes @CormacHolly: http://t.co/NP8eN6HU

  • http://twitter.com/unite785/status/126541002084319232 Brnch Sec Ruth H

    RT @leftfootfwd stat of the day: for every £4 cut, we only cut borrowing by 75p: http://t.co/sbqCXRKE (via @danielelton)

  • http://twitter.com/danielelton/status/126575048743063552 Daniel Elton

    @mattyglesias: UK's austerity experiment failing- for spending cuts of every £4, deficit only reduced by £0.75: on http://t.co/l7wMkBRk

  • http://twitter.com/danielelton/status/126575246689050624 Daniel Elton

    @mattyglesias UK's realtime demo of paradox of thrift – for spending cuts of every £4, deficit only reduced by £0.75: http://t.co/l7wMkBRk

  • http://twitter.com/danielelton/status/126575735648423936 Daniel Elton

    @pollytoynbee @ns_mehdihasan: For every extra £4 the coalition cuts, deficit only reduced by 75p: on @leftfootfwd http://t.co/l7wMkBRk

  • http://twitter.com/danielelton/status/126575917714771968 Daniel Elton

    @paulwaugh @paumasonnews For every extra £4 the coalition cuts, deficit only reduced by 75p: on @leftfootfwd http://t.co/l7wMkBRk

  • http://twitter.com/danielelton/status/126575975831048192 Daniel Elton

    @bevaniteellie For every extra £4 the coalition cuts, deficit only reduced by 75p: on @leftfootfwd http://t.co/l7wMkBRk

  • http://twitter.com/uea_ucu/status/126576379637669888 UEA UCU

    RT @leftfootfwd stat of the day: for every £4 cut, we only cut borrowing by 75p: http://t.co/sbqCXRKE (via @danielelton)

  • http://twitter.com/nationalcrust/status/126578449128239104 NationalCrust.com

    Wow. For every extra £4 in spending cut, UK govt now only borrows less by 75p http://t.co/WSmSFPop RT @leftfootfwd

  • http://twitter.com/falseecon/status/126578720415817728 False Economy

    The #falseeconomy of cuts exposed by @leftfootfwd http://t.co/AOnDVjQc

  • http://twitter.com/ebonydawnmarsh/status/126586682672820224 Ebony Dawn Marsh

    The #falseeconomy of cuts exposed by @leftfootfwd http://t.co/AOnDVjQc

  • http://twitter.com/taghioff/status/126590070810607616 taghioff

    The crisis gets worse: For every £4 spending is cut, it only cuts borrowing 75p | Left Foot Forward http://t.co/uRECgL5f

  • http://twitter.com/katumcd/status/126595151400419329 katumcd

    Depressing but true – at least it provides some evidences the ConDems are cutting too far, too fast… http://t.co/PWc6oG0g

  • http://twitter.com/wdjstraw/status/126601136529608704 Will Straw

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/lucahelvetica/status/126601265756114944 LucaHelvetica

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/nathonraine/status/126601615133261824 Nathon Raine

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/disabilitydiva/status/126605170095304704 Mandy C

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/cawsandfleur/status/126605504490373120 Fleur Young

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/pollytoynbee/status/126606465111834624 Polly Toynbee

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/suey2y/status/126606567217954816 Sue Marsh

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/lucinday/status/126606866762563584 Lucinda Yeadon

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/nigelstanley/status/126607217750315008 Nigel Stanley

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/tom_yazdi/status/126607809797296128 Tom Yazdi

    Eye-opening stuff from @leftfootfwd – http://t.co/OHq3huH0

  • http://twitter.com/carbonised/status/126607950696562688 Rebecca Devitt

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/badgerbrocks/status/126608432693387264 bryan

    RT @leftfootfwd: The crisis gets worse: For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/B2EGAMuw

  • http://twitter.com/salardeen/status/126608465769660416 salardeen

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/tigeriza/status/126608548066103297 tigeriza

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/markraven00/status/126608697341394944 Mark Raven

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/bevaniteellie/status/126609147851583488 Ellie Gellard

    V good piece RT @pollytoynbee This is a shocker.See how these damaging cuts are hurting w/out working @leftfootfwd http://t.co/qcYROYin

  • http://twitter.com/jintyg51/status/126609226847105024 Janet Graham

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/oslioness/status/126609308489220097 Sarah H

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/georgeholver/status/126609521157226496 George Olver

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/andy_coates/status/126609529159942144 Andy Coates

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/13jacqueline/status/126609644562030592 Jacqueline Bollmann

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/chrispurser/status/126610077825236993 CHRIS PURSER

    V good piece RT @pollytoynbee This is a shocker.See how these damaging cuts are hurting w/out working @leftfootfwd http://t.co/qcYROYin

  • http://twitter.com/bookjo/status/126610235199733760 Joanna Sholem

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/petejefferys/status/126610342175449088 Pete Jefferys

    RT @leftfootfwd: The crisis gets worse: For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/F8goUqXu

  • http://twitter.com/george_stirling/status/126610562535796736 George Stirling

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/chaabanrabih/status/126610714445094913 Rabih Chaaban

    V good piece RT @pollytoynbee This is a shocker.See how these damaging cuts are hurting w/out working @leftfootfwd http://t.co/qcYROYin

  • http://twitter.com/petertheteacher/status/126610927675117568 Peter Cobrin

    RT @leftfootfwd: The crisis gets worse: For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/mxN2k1fZ

  • http://twitter.com/charliejking/status/126611016292380672 Charlie King

    Georgie's sums weren't too hot then http://t.co/j4r9wGOv

  • http://twitter.com/simontyszko/status/126611121682661377 simon tyszko

    at it's best sheer ignorance, at worst vile class war, details of tory cuts fail http://t.co/iEZa02sL

  • http://twitter.com/benpbradshaw/status/126611124362817537 Ben Bradshaw

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/alexpgriffiths/status/126611227299414019 Alex Griffiths

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/miss_goodwill/status/126611437492781056 susan goodwill

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/julesdesforges/status/126612111987191808 Juliedesforges

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/macinpoole/status/126613601409708032 malcolm

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/davidbush/status/126614267611971584 david bush

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/ifiwaszen/status/126614414051917824 Andy

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/uniteeuropenews/status/126615670472454144 UNITED EUROPE NEWS

    V good piece RT @pollytoynbee This is a shocker.See how these damaging cuts are hurting w/out working @leftfootfwd http://t.co/qcYROYin

  • http://twitter.com/fortunejf/status/126615753196707840 Joe Fortune

    Everyone shld read @CormacHolly 's blog showing the coalition has cut borrowing by just 75p for every £4 of cuts: http://t.co/20QGAjJK

  • http://twitter.com/kv654321/status/126616280991145984 Kevin Vaughan

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/tillymintlfc/status/126616669366923265 G Barlow

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/ppukscuzz/status/126616677310926848 Will Mac

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/proudtobeleft/status/126616680502800384 Rachel

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/oslioness/status/126616869426823168 Sarah H

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/arwsto/status/126617069453197312 arwsto

    RT @leftfootfwd: For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/P7GToeVj

  • http://twitter.com/marcuschown/status/126617129058435072 Marcus Chown

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/sspcampsie/status/126617302786519042 SSP Campsie

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/fki01/status/126617807344513024 James Ross

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/lmenin/status/126617883328528386 Lucio Menin

    V good piece RT @pollytoynbee This is a shocker.See how these damaging cuts are hurting w/out working @leftfootfwd http://t.co/qcYROYin

  • http://twitter.com/marto1971/status/126618045513867264 Martyn Cheney

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/sspcampsie/status/126618066426675200 SSP Campsie

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/davidmheathcote/status/126618222261829633 David Heathcote

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/cherrybmbshell/status/126618702102794240 Catherine Bryant

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/catmckinnellmp/status/126618795992297472 Catherine McKinnell

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/vc8lswTe #pmqs”

  • http://twitter.com/gplondon/status/126618868285317120 Geoffrey Pearson

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/gplondon/status/126618926594527232 Geoffrey Pearson

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/rambleramble28/status/126619196749651968 Emma Davies

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/vc8lswTe #pmqs”

  • http://twitter.com/tlafford/status/126619461825462272 Tom

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/kv654321/status/126619545376006144 Kevin Vaughan

    @TimMontgomerie @GuidoFawkes @IainDale @thejamesmax @pollytoynbee

    See how these cuts aren't reducing deficit.

    http://t.co/gcQjg29j”

  • http://twitter.com/tomwhite7/status/126619676154408960 Tom White

    RT @CatMcKinnellMP Whatever the PM says, remember for every £4 extra he cuts, they're only reducing borrowing by 75p http://t.co/LzqqRKk7

  • http://twitter.com/genevieveflight/status/126619902957195264 Genevieve Flight

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/layersoftee/status/126620189247803392 T M

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/matthewhoulihan/status/126620575455129601 Matthew Houlihan

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/hesychast/status/126620645801992193 hesychast

    V good piece RT @pollytoynbee This is a shocker.See how these damaging cuts are hurting w/out working @leftfootfwd http://t.co/qcYROYin

  • http://twitter.com/seefootnote/status/126621075802030080 Katy Layton-Jones

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://www.wjhorrod.co.uk Jaclyn

    How are we better off? There are no real solutions to problems in part created with excessive spending. This lot are not helping by trying to undo it all at once. At some point the politicians need to be held to account – they don’t lose their jobs they keep bloody well getting voted in again – so we pay for their incompetence.

  • http://www.stephen.r.wigmore@googlemail.com Stephen W

    This is being willfully stupid. You really think the entire slowdown in growth is attributable to extra cuts? Nothing at all to do with the Eurozone or America or the whole global economy sinking into the mud.

  • Dan

    This does however assume that Darling’s estimates, unlike that of the OBR, would have been spot on and not downgraded in the face of global economic slowdown. Seeing as its more than just Osborne’s cuts that have slowed down the economy, I would imagine this would not have been the case, and we would be looking at a deficit larger than 133bn if spending hadn’t been cut as much.

  • Roger_D

    Stephen… the slow down in Europe has very little to do with the problems that the UK is currently experiencing… although it will likely have a big impact in the coming months.

    Why do I say this?
    1) UK *domestic* demand is performing very poorly.
    2) Exports have been performing very well.

    The main way the crisis in Europe would affect the UK is through hurting our exports. Given we don’t have a current problem on that front, the slowdown in growth has to be attributed to a domestic cause.

  • http://oxfordkevin.carbonclimate.org Oxford Kevin

    Stephen:
    I am not sure how we can be saying that it is the eurozone which is pulling the UK economy down when the eurozone economies have been outperforming the UK economy. Shouldn’t the reality actually be the other way round.

    http://ablog.typepad.com/keytrendsinglobalisation/2011/10/uk_worse_than_eurozone.html

  • http://twitter.com/debttrut/status/126691439206871040 ERL

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/ouxiaolong/status/126696575383773184 Daniel Openshaw

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/em_brewer/status/126699181153861633 Martin Watson

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://www.stephenwigmore.blogspot.com Stephen W

    The global economy is much more connected than just looking at whether exports are going up or down. Did the great recession of 2008 come to the UK purely through declining exports? No, of course not.

    The rate of increase in government spending is one of only a number of massive factors affecting the economy. The idea that the only thing that has changed in the expected outlook between Darling’s last budget and now is the rate of increase in government spending is just silly.

    This whole article is motivated by looking for a cheap excuse to take a political dig. Not by any realistic assessment on the economy. Shame on whoever wrote it for talking such rubbish.

  • http://twitter.com/robertcp/status/126733994116124673 Robert CP

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/johnshewell/status/126738284448710656 John Shewell

    Top story: For every extra £4 spending is cut, it only cuts borrowing an extra 75p | Le… http://t.co/xg023LiM, see more http://t.co/lJuvUQ3W

  • http://twitter.com/d_raval/status/126742279783321601 Dev Raval

    @rachelburden when you do that (the cuts) check this out, every extra £4 spending cut, only cuts borrowing an extra 75p http://t.co/3yUOoJ5j

  • http://twitter.com/kyle_mcevoy/status/126763024622174209 Kyle McEvoy

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/sebkraemer/status/126787378080780288 sebastian kraemer

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/erazman/status/126799701935800320 E Azicate

    Again: The Tories are increasing inflation, increasing hardship, and barely touching the deficit: http://t.co/l8fCQoli #pmqs

  • http://twitter.com/erazman/status/126799721745485824 E Azicate

    Whatever the PM says, remember that for every £4 extra he cuts, they're only reducing borrowing by an extra 75p http://t.co/l8fCQoli #pmqs

  • http://twitter.com/marcuschown/status/126938786490884097 Marcus Chown

    Pain inflicted on poor for negligible reduction in deficit http://t.co/V906PxaQ @johnprescott #unhappyanniversary

  • http://twitter.com/paul_trembath/status/126947839216590848 Paul Trembath

    Pain inflicted on poor for negligible reduction in deficit http://t.co/V906PxaQ @johnprescott #unhappyanniversary

  • http://twitter.com/dashcoaching/status/127031979001655296 David Shindler

    For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/QpUA0ETu #blimey

  • http://twitter.com/karlodimarco/status/127041624873250817 Karlo di Marco

    The crisis gets worse: For every £4 spending is cut, it only cuts borrowing 75p | Left Foot Forward http://t.co/tI4h7P5b

  • http://twitter.com/suey2y/status/127456799887593473 Sue Marsh

    @paulwaugh @paumasonnews For every extra £4 the coalition cuts, deficit only reduced by 75p: on @leftfootfwd http://t.co/l7wMkBRk

  • http://twitter.com/paul_trembath/status/127457604736786432 Paul Trembath

    @paulwaugh @paumasonnews For every extra £4 the coalition cuts, deficit only reduced by 75p: on @leftfootfwd http://t.co/l7wMkBRk

  • http://twitter.com/yvonnearoberts/status/127763094872133633 Yvonne Roberts

    RT @leftfootfwd: For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/xrvnMEqI

  • http://twitter.com/mjiphoto/status/127899747536224256 Mika I

    For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/nGSCEb2f

  • http://twitter.com/tomayates/status/128047663475200000 Tom Yates

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/charceeholden/status/128054506331176960 Charlie Holden

    RT @leftfootfwd: For every extra £4 spending is cut, it only cuts borrowing an extra 75p http://t.co/aiJjIZ6W #notocuts

  • http://twitter.com/cuchulaindundee/status/128103713754722307 Alan Cowan

    Comment on For every extra £4 spending is cut, it only cuts borrowing an extra 75p by Tom Yates http://t.co/iB8yMqTq

  • Richard Evans

    Maybe Cormac would like to explain the Japanese economy during the period 1990 to the current day, with reference to a policy of running budget deficeits?

  • http://twitter.com/hopbin/status/128812364786188288 James Maddison

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/oneoflokis/status/129171891251453952 Liz K

    This is a shocker. See how these damaging cuts are hurting without working @leftfootfwd http://t.co/czryiD8A

  • http://twitter.com/polleetickle/status/129698603164897281 Polleetickle

    @pollytoynbee @leftfootfwd both struggle with basic economics and the scale of #Labour's debt legacy: http://t.co/gflUnF4p #manipulation

  • http://www.leftfootforward.org/2011/11/uk-gdp-q3-growth-figures-long-term-trends/ Fast spending cuts push economy from fastest quarterly growth for a decade towards zero | Left Foot Forward

    [...] For every extra £4 spending is cut, it only cuts borrowing an extra 75p – Cormac Hollingsworth, October 18th, [...]

  • http://twitter.com/vikingrn/status/137232593849548800 peter westre

    We repeat that you require growth to cut the deficit. http://t.co/W7irYcqK Of course austerity hawks deny simple truths….#deficit #talks

  • http://www.leftfootforward.org/2011/11/kellner-the-public-dont-like-the-tories-but-theyve-signed-up-to-their-economic-argument/ Kellner: The public don’t like the Tories, but they’ve signed up to their economic argument | Left Foot Forward

    [...] For every extra £4 spending is cut, it only cuts borrowing an extra 75p – Cormac Hollingsworth, October 18th [...]

  • http://www.leftfootforward.org/2011/12/when-government-borrowing-fails-to-fall/ Osborne is perilously close to failing to cut borrowing at all | Left Foot Forward

    [...] we updated our forecast for 2011-12 borrowing we discovered there is a reasonable scenario that borrowing won’t fall for [...]

  • http://www.leftfootforward.org/2011/12/krugman-coalition-is-bleeding-britain-dry/ Krugman: Coalition is “bleeding” Britain dry | Left Foot Forward

    [...] For every extra £4 spending is cut, it only cuts borrowing an extra 75p – Cormac Hollingsworth, October 18th 2011 Share | Permalink | Leave a comment /* [...]

  • http://www.leftfootforward.org/2011/12/david-cameron-nick-clegg-letting-next-generation-down/ Unemployment: How Cameron and Clegg are letting the next generation down | Left Foot Forward

    [...] to get the deficit down according to its promised timetable – and consequent need to borrow £158 billion more than originally [...]