Last week, the ONS revealed that the UK economy is most likely in recession. And today Charles Bean, the new deputy governor of the Bank of England, warns that that downturn could “drag on for some considerable time”.
Every scrap of gloom adds weight to the argument – resurrected over the weekend – that the Tories can no longer stand by their “sharing the proceeds of growth” formula, and that they should think seriously about pledging to cut spending. Following Lord Forsyth and John Redwood, Trevor Kavanagh gives his support to that argument in today’s Sun. Here’s the key passage:
Their incoherent promise to “share the proceeds of growth” looks even more ridiculous with no growth to share.
Why on earth does David Cameron stick to his pledge to match Labour’s discredited spending promises?
There is no money for these wasteful and frequently misguided ideas.
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