Brown’s Scorched Earth policy

Mr E is correct to highlight this significant post from Fraser Nelson:

The Scorched Earth policy has begun. The FT has a hugely significant story – that the Treasury is “working privately on plans to reform Gordon Brown’s fiscal rules” which would “initially allow for increased borrowing”. In the vernacular, Brown has realised that if the Tories win the next election the he is now spending with Cameron’s Gold Card – every by-election bribe, every union sellout will be funded by borrowing with the bill sent to D. Cameron Esq. Cameron will have to tax us to pay for what Brown is today spending. The Treasury is claiming that it was always going to “review” its 40% limit after the current economic cycle ends. It will struggle to find a single sentence in any speech that will corroborate that. Danny Finkelstein said on Newsnight that this will undermine the whole New Labour project.