The Government's borrowing figures out today are worse than what it had planned, no matter what silk phrases the Treasury utters. At this rate the Government is on target to break through £200 billion in loans for this year, as I feared at the pre-budget report and despite counter statements.
The borrowing data gives the other side to the unemployment figures, which, at best, are contradictory. The income tax take, the levels of national insurance contributions and the returns from...