Thursday, 23 April 2015

Debt, Deficit, Wages - what Humphrys forgot to ask this morning

1. Total government debt up in absolute terms. They have borrowed more in five years than every Labour government in history - something over £517bn. (As a share of GDP they have claimed it has, just, fallen but as someone says - if memory serves - this is because they counted in the sale of Eurostar).

2. Deficit down, but they forecast £40bn for start of this year. It is more like £90bn. Instead of being gone by the end of this year, they have shifted the target to being gone by the end of the next parliament.

3. Average real wages down 2% on 2010 (IFS figure). Would be worse but falling oil price has brought inflation down, boosting real wages.

(this comes from economist James Meadway, on a thread on my Facebook account)