A Government and the Many Coloured Dreamcoat

Once upon a time in the present a British Labour government came into power oblivious of the lesson spelled out in the Bible, when Joseph interpreted Pharaoh's dream by pointing out the wisdom of saving up during the seven years of plenty to have enough to survive the seven lean years that would inevitably follow.

As anyone knows, economics goes in cycles, in a wave motion, where prosperous years are followed by years of depression, recession or "negative growth". Instead, the government of that benighted country squandered the money it made in useless, unproductive and extravagant ways, living it up for today with no thought of the future.

The consequence of this deplorable and irresponsible behaviour is that this country finds itself in a condition of immense debt which has reduced by up to one third the spending power and the wealth of its citizens, the poorer being the worst affected while the wealthiest suffer to a lesser degree, cushioned by their fortunes.

Yet the government remains blind to its transgressions and naively assumes that the public will continue to support its disastrous course and vote it back into office at the next election. Nothing could be further from the truth.

Borrowing rate expected to grow
Press Association

The dire state of the public finances was a key battleground for the political parties in the conference season and the figures should show the scale of the task ahead whoever wins the general election.

According to City forecasts, public sector net borrowing is likely to have grown by £15.3 million over the month - almost double the £8.9 billion seen 12 months earlier.

This would bring net borrowing for the six months of the financial year so far to around £80 billion - closing in on last year's full-year figure - as the recession punishes the public finances.