it was not overspending during the boom...

well, yes it was, we didn't have a balanced budget then either. As soon as the bust inevitably came we are left in the doggy doo.

I will quote Gordon Brown... "No return to boom and bust". With a little more prudence and less extravagant public spending during the mid 2000s we would not be in such a mess.

As for the reason for the bust, in all honesty does it matter? It is certainly no excuse for the excessive spending since 2003 (ish) onwards.

Posted By: phrankin, Dec 1, 09:45:50