I’ve just been speaking to the Labour Treasury Team, and their calculation is that Public Sector Net Borrowing (excluding the Royal Mail pension fund and APF transfers) between 2011/12 and 2015/16 is now set to be £245bn MORE than planned in autumn 2010 after the spending review.
That’s absolutely huge – no wonder Osborne looked like this during Miliband’s response:
Expect to hear that number repeated over and over by Balls on TV and radio in the next few hours…
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