Pre-Budget Report 2009: Economic outlook
Professor Michael Devereux, director of the Oxford University Centre for Business Taxation offers his insights on the chancellor's plans for the economy.
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What nonsense
So, the Government thinks it is appropriate to keep adding to the national debt until 2018 at the earliest, hoping that the general public will think "halving the deficit" means halving the debt, rather than just halving the additional amount borrowed each year. Even today, the cost of servicing our debt is greater than the Defence budget. How much greater will the cost be as we are hit with the double whammy of increasing interest rates on an increasing debt. That will soon wipe out any hoped for benefit from those elusive "proceeds of growth".