Tag Archives: 2 big lies

Even by Osborne’s standards this is the most dishonest budget since the war

This was the thinnest Autumn Statement (mini-budget) in living memory.   There was nothing new in it of any significance except the change from the slab system to the stepped system for stamp duty.   But on the key issue which underpinned the whole statement, namely that this year the deficit is rising, not falling, there was a shock.   Since admitting that the deficit will this year rise from £86bn to about £91bn, and then next year to around £100bn, was too much loss of face for Osborne to bear, he decided to resort to an enormous lie.   He solemnly declared to the House that the cost of servicing government debt would fall £18bn a year by 2018-19.   Economists have pored over the small print of this mini-budget, and without exception no-one has been able to find any evidence whatsoever to back up this claim.   Osborne just made it up!   He sought to explain this away by an admission of “an error in our forecast model” which led to “over-predicting the stock of debt over time”.   Needless to say, this is gobbledigook.   But this purports to allow him to bank £4bn of the £18bn this year, and thus save his fiscal bacon.
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