But....(and large but)

Labour have instituted fiscal rules - the most important of which is that they essentially *can't* spend more than they receive over the the term of a government (roughly).

Which *does* mean, as pragmatist initially said, that either: tax receipts, and probably tax rates, will have to go up; or spending growth will have to slow.

but it also means that debt won't keep growing. i.e. we won't go back to having to spend such large amounts of tax revenue on servicing government debt.

Posted By: Tricky Hawes, May 6, 14:11:51