The Telegraph, March 14, Roger Bootle
Since the Budget, commentators have been reflecting on its forecasts and measures. The consensus is that we should be prepared for things to turn out worse, and possibly much worse. After all, as and when interest rates go up, the Treasury’s bill for interest payments on its debt will rise alarmingly.
Meanwhile, although the Chancellor has pencilled in significant cuts in public spending, in fact the pressures for even more spending on the NHS and heaven knows what else are becoming irresistible.
These concerns are well-founded, but I wonder if they are also rather one-sided. Could things actually turn out to be better than the Chancellor suggested?
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