Thanks to a Twitter from Liam Murray I am interrupting my work to express incredulity that the at a time when tax receipts are down 11% year on year, government spending has risen by 6.7%. As Liam says, Prudence is well and truly in her coffin. Imagine if a business ran its affairs like this. Imagine is YOU ran your affairs like that. You'd be heading for the bankruptcy courts.
No one denies that some sort of fiscal stimulus is necessary to kickstart the economy, but this cannot just be financed out of increased borrowing. No one seems to be looking at cost reductions or efficiency savings.
To my mind, the main trouble with the measures announced so far, is that they are incredibly ineffective. Surely infrastructure projects are the way to go? But do we hear a hint of money going in that direction? Do we hell. These seem to be the very projects which are being cancelled and delayed.