Drinkers and drivers were hit in the pocket yesterday as Alistair Darling used them and a borrowing surge to try to steer Britain away from recession and through global financial storms.
I bloody well hope that\’s not what Darling is trying to do. The borrowing makes sense in Keynsian terms. If there\’s a recession coming along then deficit spending is a reasonable thing to do (although there\’s a lot to be said fo the idea that we\’ve already got enouh natural such spending built into the system).
But raising taxes is, under the same rubric, entirely the wrong thing to do. Because, er, the aim of deficit spending is to boost spending, see, not just move it from the drinker\’s pocket to the public sector\’s.