The Daily Mail, in an appalling diatribe this morning, argues that because in real terms public spending in 2014 will be at the same level as 2008 there is nothing for anyone to protest about.
The numbers are correct of course:
The headline numbers are right.
But there is still a problem with them:
But the fallacy is in assuming that the composition of the numbers in 2014 is the same as in 2008. Just look at the composition of spending in 2014 compared with 2008. Interest charges will be much higher.
The problem is, as that interest number is telling us, is that we now have to pay for the money that G. Brown has already spent. That\’s why total spending will be static (ish) while spending upon current activities will fall.
Because the money\’s already gone, innit?