Alistair Darling reminds me of one of those kidnapped Colombian judges in sweat-drenched polyester shirts, who are forced to record messages of support for their captors, but try desperately to signal to the camera that they are doing so under duress. With every blink, every hesitant reply, every furrowing of his brow, even his hint in yesterday's Daily Telegraph that the hugely expensive ID card scheme may be scrapped, the wretched Chancellor seems to be saying: I know, I know, I want to bring down the public debt, too. But my captor, Gordo el Furioso – he will not let me!
Last week's pre-Budget report ought to have been a detailed technical manual, an emergency route map to save Britain, last of the big G20 nations still to be sunk in recession, from debt catastrophe. This year, we are on track for a £178 billion budget deficit, even as the economy shrinks by 4.75 per cent. Credit agencies, the Bank of England, the OECD and the IMF all warn that this is not sustainable: that Britain's public sector borrowing (about 12.6 per cent of GDP this year) is eating into what remains of its credibility in the global markets like a vicious rust.
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