What the Tories used to say about what would happen if the deficit was only halved by 2015

January 3, 2015

Not only does this highlight Tory hypocrisy, it also says something about the complacent arrogance of the Right. They just *assumed* that the plan would work, as though having the plan alone would be enough to guarantee its own success. It never seemed to cross their minds that the plan might not work. And it overwhelmingly hasn’t.

alittleecon

election poster

It’s funny how things change. The Conservatives launched this, their first election poster this week. One of their three boasts is “THE DEFICIT HALVED”. This has now been redefined as a success, but Jonathan Portes has dug up some great quotes from 2011 when they were saying something entirely different:

Mark Lancaster: The Government’s plan to eliminate the deficit by 2015 is in stark contrast to the Darling plan, which was simply to reduce it by half. What assessment has the Minister made of the likely impact of the Darling plan on the level of debt and the cost of servicing it?

Mr Hoban [Mark Hoban, at the time a Minister at the Treasury]: If we had continued with the previous Government’s deficit reduction plan, debt would still be rising in 2015, not falling, meaning that we would have to spend an extra £3 billion in one year on debt…

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