The below graph shows the additional borrowing in each year compared to the estimates at the Autumn Statement in December.
Against the backdrop of the loss of the triple-A rating much coveted by Conservative Ministers – and trivialised by others – Cable is right again. Wednesday’s remarkable New Statesman article makes plain the case for a new economic strategy, and the need for as elegant as possible a reversal of Osbornomics that was itself eclipsed by Cable in the economic debates of 2010.
The shortfall from the sale of 4g broadband capacity means chancellor George Osborne will be under increasing pressure to make greater cuts.
Following Friday’s poor growth figures, Ed Miliband went after David Cameron on his failing economic record at today’s Prime Minister’s Questions.
Latest figures show borrowing is continuing to rise.
Borrowing will be up £56 billion over the next five years.
The Institute for Fiscal Studies have said today’s public sector finance figures will result in a feeling of “déjà vu” for the chancellor.
Labour stepped up the pressure on David Cameron today with a new poster mocking his airbrushed pre-election pledge, and a new “Borrowing Counter” website.
Tony Burke examines the recent borrowing figures and the government’s failure to deliver its promise to control borrowing.
Tony Dolphin examines the small amount of comfort which George Osborne can take from the recent borrowing figures.