The Centre for Economics and Business Research (CEBR), in a report to be published tomorrow, says that borrowing will hit £90 billion next year, more than £50 billion above Alistair Darling’s forecast in the March budget. This year’s budget deficit will be £63 billion, it says, £20 billion above the chancellor’s estimate.
I have a suggestion for our Chancellor. Why not cancel the upgrading of the UK's nuclear arsenal; the National Identity Scheme; and radically scale back the NHS National Programme for IT? That will save the UK respectively £70bn; £20bn; and around £15bn. Couldn't £105bn be used rather more productively right now?