Peter Hoskin

Osborne gets upfront about our debt burden

Osborne gets upfront about our debt burden
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A couple of weeks on holiday, and there's plenty to catch up on.  First, though, George Osborne's speech to Mansion House yesterday evening.  In terms of substance, it was fairly radical stuff.  And it's encouraging that so many of the Tories' solid plans for reforming the financial regulatory system have survived the coalition process.  But, really, it was one simple, little sentence which jumped out at me.  This:

"Debt [is] set to still rise even at the end of this five year Parliament."

While we shouldn't expect anything less, Osborne's honesty is, in some respects, rather brave.  While it draws attention to Brown's toxic legacy, it also outlines how powerless the current government for the clean-up operation.  Still, we're seeing progress, nonetheless.

P.S. If you need a reminder of how much the debt total will rise by, here are the numbers which the Office for Budget Responsibility came up with last week: