Tuesday, May 24, 2011

What are they for?

While Barack meets Dave today, the news for The Boy on the financial front could hardly be worse. The Office for National Statistics (ONS) has recorded that last month's borrowing figures were the highest ever recorded for the month of April.

Even excluding financial interventions such as bank bail-outs, the figure hit £10 billion, compared with £7.3bn the previous year. "City expectations" were in the order of £6.5bn – which tells you something of the acumen of these clever and sophisticated people who are paid so much to look after our finances.

There is now significant doubt as to whether Dave and the baby Osborne can meet their modest target of increasing the national debt by only £122bn this financial year. And when they fail even in that venture, one really does have to ask what they are for.