Old Labour is back with a vengeance; taxing, spending and borrowing.
The revenue shortfall in next year’s budget totals £72 billon and borrowing now stands at a trillion. I don’t know about you, but I can’t envisage a trillion. However, I know it’s a lot of borrowing.
But that’s not the whole story. The Chancellor understated Britain’s true debt by excluding PFI, public sector pension commitments and the money he has thrown at the banks.
This means that Gordon Brown is gambling with our children’s future.
And the final irony – he says the recession will end in 12 months time, whilst every other authority says it will last longer. If they are right, Britain’s debt legacy will be even greater.
Gordon Brown has discarded prudence and become Maverick.
Keep your hands on your pennies, breathe deeply and pray that I am wrong.