George Osborne has delivered his 6th successive austerity budget, undeterred by the IMF’s recent back peddling on the need for further austerity in Greece, amidst growing calls for debt restructuring or cancellation.
Osborne in his latest attempt at debt fetishism has introduced a budget “surplus lock” – by which he will attempt to hold Government to reducing its debt burden, tightly controlling spending and restricting public sector borrowing.
The increasingly irrelevant Labour party, supposed to be in opposition, has signed up to Osborne’s plans, with Shadow Treasurer Chris Leslie stating:
