George Osborne - My Fake Diary

Sunday, 22 July 2012

George Kerevan of the commented on Saturday:

"Chancellor George Osborne will argue that total borrowing for the start of the fiscal year (April through June) is half of what it was in 2011. But this is a statistical fiddle. Last year's numbers were artificially depressed by transferring the Royal Mail's £28 billion pension assets to the Treasury, which promptly used them to pay off debt.
If you ignore that sleight of hand, borrowing to date is up nearly 12%, instead of a planned reduction of 4.6%"

Damned clever these Scotsmen you know!

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