Cable Forum - View Single Post - Autumn Statement: Bleak borrowing prediction rocks George Osborne’s deficit hopes.

**Chris** · 03-12-2014, 22:49

Well it depends which forecast you want to refer back to. As Hugh pointed out, it transpires that if you go back to 2010, he did indeed predict he could balance the books by next year, and in that case, borrowing in 2015 will be £75 billion higher than predicted in 2010.

However, that forecast has long been superseded. Nobody today has been stunned by borrowing £75 billion higher than they were expected. Everyone has known for years that the books would not be balanced next year. Osborne has acknowledged that. Referring back to a forecast made in 2010 and abandoned (IIRC) in 2012 is just political posturing for the gallery by a shadow chancellor who has nowhere else to turn.

03-12-2014, 22:49	#37
Chris Trollsplatter Cable Forum Team Join Date: Jun 2003 Location: North of Watford Services: Humane elimination of all common Internet pests Posts: 38,300	Re: Autumn Statement: Bleak borrowing prediction rocks George Osborne’s deficit hopes Well it depends which forecast you want to refer back to. As Hugh pointed out, it transpires that if you go back to 2010, he did indeed predict he could balance the books by next year, and in that case, borrowing in 2015 will be £75 billion higher than predicted in 2010. However, that forecast has long been superseded. Nobody today has been stunned by borrowing £75 billion higher than they were expected. Everyone has known for years that the books would not be balanced next year. Osborne has acknowledged that. Referring back to a forecast made in 2010 and abandoned (IIRC) in 2012 is just political posturing for the gallery by a shadow chancellor who has nowhere else to turn.