Who is the one person in this photo you shouldn’t take economic advice from?
Ed Balls, the disastrous Treasury advisor who was denied his dream job by his old boss and only grudgingly got it from his new boss, is giving his old theme that the coalition’s attempts to get runaway borrowing under control are going “too deep and too fast” another airing. Over on Labourlist today he calls for “a more balanced deficit plan” which will, apparently, get borrowing down by borrowing more money.
What Ed doesn’t tell you is that, according to the respected Institute for Fiscal Studies, the last plan of any detail put forward by Labour for dealing with the deficit called for spending cuts of 10.9% this year as opposed to the 12% the coalition is pushing through.
So it seems the difference between “too deep and too fast” and “a more balanced deficit plan” is 1.1%. With someone like that advising the Treasury for so long is it any wonder we ended up in the Brown stuff? Pun very definitely intended.