This was as predictable as it is frightening. After only three weeks in office, the new Labour government is saying that the last Tory government underplayed the nation's finances by some £20billion.
All rubbish, of course. What it means in practice is justification for tax increases all round, in other words Labour doing exactly what Labour does best. Remember Gordon Brown as Chancellor when he raided the pension pots of thrifty individuals who wanted to stand financially on their own two feet?
We were warned before the Election this would happen, were we not?
One thing is certain. No one should ever believe a word a Labour government says about money.
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