Dr Richard North
"There are no cuts. I say again, there are no cuts. What the Cleggerons are talking about is a reduction in the rate of increase in public expenditure as compared with the June budget. This is helpfully summarised here (see left) and the source is here.
You will see that the current financial year expenditure is £696.8 billion. By 2014-15, the projected expenditure was to rise to £757.5 billion. Little George is now proposing that this increase is limited £739.8 billion. This now becomes a 17.7 percent "cut", albeit that expenditure is still increasing."
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