“Mistakes Were Made”

John Rentoul

uk debt gdp1 1024x650 Mistakes Were MadeGeorge Osborne on ITV1 Daybreak on the morning after the Budget said he “wanted to be straight with the nation about the problems we face”. Good idea.

He went on: “We have made a lot of mistakes as a country, over many years, building up these debts.” How graciously bipartisan, accepting that these were national mistakes, regardless of which party was in power.

Just one problem. What was he talking about?

Public debt as a share of national income (see chart) was declining gently until the financial crisis of 2008.

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  • andagain

    And yet, somehow, the debt seems to be going up quite as fast as it did during those wars.

  • porkfright

    Well I don’t suppose the costs of two expensive military adventures helped the situation very much, did they?

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