A big day for the government today… I’ll be Twittering it… Over at Brassneck, I’ve blogged a few collected thoughts on the PBR, and more extended thoughts on how the longer game is going from Friday… There is a school of thought that the Chancellor would be better advised sitting on his hands on fiscal measures and let his monetary agencies, the Old Lady and the FSA do what has to be done and preparing government for a rough ride… Andrew Haldenby over at the Telegraph, for instance…
The defining issue of this Pre-Budget Report is the level of government borrowing, which is higher than anyone expected it to be. Our estimate of the government’s long-term structural deficit (i.e. ignoring the ups and downs of the economic cycle) is £100 billion, or £4,000 for every family in the UK. Above all else the Government should be trying to get this number down. Instead it will increase.
Mick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty
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