27 JUN 2011
By Daniel Hannan | Telegraph Blogs
Anyone feeling smug about the Greek crisis should take a quick dekko at our own statistics.
Spending in April and May was 4.1 per cent higher than during the equivalent period in 2010. Government borrowing was £27.4 billion, up from £25.9 billion the previous year. This additional debt comes despite a series of tax rises: VAT, fuel duty, income tax and National Insurance have all gone up.
In other words, despite everything we keep reading about “the cuts”, spending and borrowing are both higher now than they were under Gordon Brown. Since the Coalition took office, our national debt has increased from 53 to 61 per cent of GDP.
Read entire article