Climbing towards 100%

The UK’s budget out next week is likely to disappoint. With government borrowing set to soar to perhaps 12% of GDP and debt climbing towards 100% of GDP, a credible medium-term plan to bring the public finances under control is needed. But a government which is unlikely to last beyond next year isn’t well placed to deliver that. Still it must try its best. The public finances have been deteriorating alarmingly. This is only slightly due to the deliberate fiscal boost announced by Alistair Darli...