Playing politics with the public finances

It has started. The Labour attack unit is out today talking about a “Tory VAT rise” – as per Paddy Hennessy’s scoop. Osborne stated his (to me, relatively paltry) position on the deficit: that he’d reduce it faster than Labour but can’t say how much. The Labour attack unit keeps partying like its 1999 with the “Tory cuts” line, now augmented with a “Tory tax rise.”