
Labour is losing fiscal credibility
Just how much longer will the government be able to sustain its assertion that the Conservatives left behind a £22 billion hole in the public finances? Confirmation that ministers are continuing to blame their predecessors for out-of-control public finances – and for expected tax rises in October’s budget – was provided this morning by Chief Secretary to the Treasury Darren Jones, who reacted to July’s grim borrowing figures by stating: ‘Today’s figures are yet more proof of the dire inheritance left to us by the previous government. A £22 billion black hole in the public finances this year, a decade of economic stagnation, and public debt at its highest level
