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World

The real problem with Rachel Reeves’s Budget fiddle

25 October 2024

10:13 PM

25 October 2024

10:13 PM

Remember Gordon Brown’s ‘golden rule’ – that over the course of the economic cycle the only net borrowing he would allow was to fund investment? As for current spending, he told us, he would pay down debt in the good times so that he could borrow in the bad. It sounded reassuring, until Brown started to fiddle with the figures in every conceivable way.

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