The Coalition, the cuts and the costs

Tom Jackson says it is time to face reality

by Tom Jackson 15th April 2011

It is just nine months since the coalition government assumed power. Even before the election, it was well known that the country’s finances were in a parlous state.  The new government inherited a desperate financial situation, with a budget deficit of £150 billion and a national debt of over £1,000 billion, costing some £40 billion in annual interest. It was a truly appalling situation.