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PBR to reveal Labour’s failings

With banks about to feel the pain in possible heavy taxation for over threshold bonuses, and the Chancellor already feeling the pain from over threshold spending, it is reasonable to expect Alistair Darling to make some announcement in his Pre Budget Report today about revised spending plans for post 2011. He is unlikely to try and damage Labour’s already slim chances of winning the next general election, yet he still knows that spending needs to be reigned back NOW to offset the fear that Britain may soon lose it’s AAA credit ranking, and he will know that the sooner the size of public debt and the proportion of public spending begin to fall the sooner we might begin to climb out of recession. So today, when we read between the lines, we should understand that we are moving into a period of spending cuts, however he dresses the language and text. Labour’s failings in coming to grip with the economy is about to be revealed after years of profligacy and wasted opportunity to manage the nation’s debt.

The big question of the day then will be, will this mark the end of the Labour investment versus Tory cuts saga?

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Written by curly

December 9, 2009 at 11:10 am

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