Sir John Redwood, the former Conservative MP for Wokingham, treasury adviser to Margaret Thatcher and Welsh Secretary under John Major, has discovered a “borrowing bomb” in the Budget that no one has noticed.
Rachel Reeves reminded us at the despatch box last week that her choice was “not austerity; not reckless borrowing; but cutting the debt”, going on to say that “I said I would cut debt and borrowing, and I meant it”.
However, Sir John has discovered that, far from doing that, her plans will see an extra £1.3 trillion of borrowing and the total national debt rise up to £3.53 trillion.
He joins Camilla Tominey and Tim Stanley to explain how this Labour government’s “dreadful spending habit” will saddle the country with an eye-watering “debt mountain”.
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