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Why is the Chancellor announcing cuts today at all? Figures released by the OBR show why. Despite spending cuts weak growth has meant that from 2011-12 the deficit has barely moved, throwing the government’s strategy way off course.
The deficit fell by 1.7% in 2009-2010 under Labour and has stalled as the government’s plans have taken effect – only 0.4% in 2012-2014.
It looks like the Darling plan on cutting the deficit was right all along.
This post first appeared at the Fabian Society.
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