Thursday, October 21, 2010

No, not quite

No, this is not quite the salvation the country has been waiting for. The Boss on EUReferendum points out a couple of things about the so-called spending cuts. One is that they are not exactly cuts, merely a decrease in the rate of increase. That most of us realized despite all that cheering and yelling from the camp-followers. But another important matter is that
Even after these spending cuts, total public spending (Total Managed Expenditure) in 2014-15 will be higher in real terms than in 2008-09. At 41 per cent of GDP, this will be around the same level of public spending as in 2006-07. Spending on public services in 2014-15 will be higher than 2006-07 levels in real terms.
Where does that information come from? Page 17 pf the full Treasury Report.

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