What might have been

We might have had a real attack on the massive government-created debt problem. The serious attempt by the Irish government is an example - cuts in dole money, welfare, politicians pay, public sector pay, etc.

We might have had honesty and realism. There might have been an explanation of how the government would deal with the frightening size of the national debt, with no complacency and taking us into its confidence.

We might have had a serious and true statement of the current situation, with no empty gestures, slogans or political tricks.

Instead, what we got was more or less as expected, a complacency based on very optimistic assumptions as before, a tinkering to try to put the Tories on the spot. Even the attack on the rich was bungled, - the banks and bankers will find other ways of paying bonuses, challenge in the court or move elsewhere. The rich, who are to suffer, is everybody earning over £20,000 a year, and the beneficiaries of people leaving a house and property of more then £325,000 (- which must be a high proportion in London.)

Above all there was the usual smoke and mirrors, - giving increased benefits for one year and then removing them, maintaining the funds for the NHS but saddling it with an increased employer's NI bill of over £400 million, and a complete absence of how the massive deficits will be reduced, much less how the national debt will be reduced, beyond a doubtfully high assumed growth rate kicking in very quickly.

All very disappointing. I wonder what the credit agencies make of it? Are we going to have national shame and higher interest rates on top of everything else?