Public sector net borrowing, public sector net debt, total managed expenditure, departmental expenditure limits … zzzzz. One of the main reasons why Labour has been able to fashion an economic narrative, against all odds, is because they can rely on some pretty esoteric language. Thus debt becomes interchangeable with deficit, and cuts can be hidden under layers and layers of different spending metrics. Perhaps more than anything, this almost-casual deception is Brown’s greatest skill.
Which is why it’s encouraging that the Tories have tried to demystify some of the fiscal debate, putting it into language that everyone can follow. They’ve set out their “more for less” argument by referring to the practices of supermarkets. And, this week, Cameron has been pushing the need for early spending cuts by relating it to someone hitting their credit card – why wait to get your finances in order? Depending on your politics, you might say that the Tories are just being misleading in a different way.
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