Urgent action needed to restore government’s fiscal credibility

The government is facing the very real threat that it may not be able to borrow the money it desperately needs

10th January, 2009

There is now a risk - small, but worryingly real - that by next year, the government will run out of cash to pay public servants, welfare recipients and those who supply it with goods and services. By the middle of last year, well before the international financial crisis exploded, it had become clear that the government had lost control of the public finances.

The awful implications of that loss of control became clearer with...

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