Plus ca Change, Plus C'est la Meme Chose

I see that Pravda are reporting that Chief Caterpillar-Balancer Darling is to 'relax the fiscal rules' put in place by his prudent predecessor.

Yeah, like they haven't been relaxed like a cottager's sphincter since all this started. Snotty McBroon's much-vaunted 'prudent' Budgets never did add up, and the only brilliance about them was the legerdemain with which he hid his 'tax and spend' clobbering.

Apparently, our public finances are in a "position of strength" with debt lower than in other major economies.

Er.....

As the very logical John Redwood has pointed out, nothing could be further from the truth. The government forecast 43 Billion in borrowing for this year - we're already at 37bn, and the overall figure is a not-inconsiderable 123 Billion Pounds.

Starting borrowing requirement £43bn
Extra spending and reduced revenue in year £22bn
Bank shares purchase £37bn
Bradford and Bingley £18bn
Northern Rock extra capital £3bn

Add on the PFI schemes and other off-balance-sheet shenanigans, and you start to wonder when, exactly, we're going to be doing a Hungary and going, begging-bowl in hand, to the IMF. After all, Labour have form for that anyway.

And now, when we're bankrupt, General Melchett-Brown and Captain Darling want to borrow and spend some more. Yeah, I should try that with my bank manager, as Obnoxio did.

Ladies and Gentlemen - I give you New Labour spending. Same as Old Labour spending.

I was five in 1976. I never thought I'd be living through what my parents did in those dark days.