'... tax revenues were consistently falling short of spending from about 2002 onwards. These were mostly boom years economically, yet tax revenues repeatedly came in lower than the Government's optimistic, and apparently largely made up, forecasts for them. The fiscal rules were bent and manipulated to ensure compliance. For the five years from 2002/3 onwards, the Government consistently ran a budget deficit of between 2.5 and 3.5 per cent of GDP.As a result overall government debt rose at a time when most industrialised countries were paying theirs down, leaving the UK peculiarly ill prepared, and with very little room for manoeuvre, when the crisis hit.So please, no more talk about how everything would have been fine but for the recklessness of bankers. Government and finance were reckless together, it would seem, and boy what a mess their hubris has left behind.'
Tuesday, 9 September 2014
Gordon Brown's fiscal profligacy finally outed – Telegraph Blogs
More here http://blogs.telegraph.co.uk/finance/jeremywarner/100028071/gordon-browns-fiscal-profligacy-finally-outed/ but not on the BBC who still worship Gordon Brown.