Just as I feared, they have learnt nothing.
It was budget of posturing . A tax on the “rich “to test the Tories – which won’t raise much revenue and may even reduce the revenue. More public spending for Labour areas under a cloak of “doing what it takes”. And enough red ink to launch an aircraft carrier, if they ever get round to building one.
In my post budget speech in the Commons I concentrated on the three forces that have wrecked the public accounts – Bank nationalisation, a violent cycle, and grotesque excess in public spending.
The trick was to conceal some of the borrowing, and then to claim the economy will be off to the races in 2011, apparently bringing the deficit down.
Dream on. We will paying these bills for years. They plan to borrow more in two years than all previous governments combined have borrowed in 1000 years. That is going to be painful to repay.