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Friday, November 08, 2019

Tory fiscal mismanagement hidden by purdah rules

The Independent reports that Boris Johnson has been spared a potentially embarrassing spotlight on the state of the public finances after the official fiscal watchdog was blocked from releasing new figures on the state deficit and debt.

The paper says that Cabinet secretary Sir Mark Sedwill barred the Office for Budget Responsibility from publishing its revised public finance forecast on Thursday, ruling it would breach civil service “purdah” rules in the election period.

Chancellor Sajid Javid has come under attack for refusing to release the normal autumn forecasts for the economy after cancelling the Budget announced for 6 November.

One think-tank has predicted the deficit target will be overshot by £16 billion this year, because of the slowdown and big spending pledges made by Mr Javid.

All the political parties are proposing massive public borrowing to invest in much-needed infrastructure improvements. However, if the deficit is greater than anticipated that could well stymie the next government's room for manoeuvre.

In the circumstances, it seems that the figure should be published so we can make our own judgement on what is and what is not affordable.
Labour run out of money 2010
A period of austerity begins to sort the problem out.
Along comes 2015 and austerity becomes an ideological position that makes the country poorer.
The ',excuse,' (purdah)is put into position to hide mismanagement.
Promises by both main parties to spend billions borrowed money.
Position becomes unsustainable (too much debt)
Taxes rise to pay for it.
We become poorer.
Back to running out of money
Stop go cycle starts all over again.

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