Todays Budget speech will reveal that the country is in deeper debt that ever.
The Chancellor will be forced to issue more than 200bn in government bonds in todays Budget (well above market expectations) and will also have to admit that the countrys finances have sunk deeper into the red.
Public sector borrowing is much worse than forecast in Novembers pre-budget report. New figures from the Office of National Statistics show that borrowing reached 90bn this year, 12bn more than estimated in November, and it is expected to reach some 160bn in 2009-2010, climbing to as much as 175bn the year after.
The FT predicts that this record peacetime borrowing will overshadow Darlings aim of presenting what he has called a Budget for jobs and investing in future growth.
Public spending is expect...