In a cracking piece in today’s copy of The Independent, McRae takes a stab at predicting the future of Britain. Acknowledging that it will be down to the next government to re-establish fiscal discipline, he says: "For a decade at least, maybe a generation, government spending will be constrained and taxes will remain higher than they are now… This is, for Gordon Brown in particular, a catastrophe. Everything he stood for has been swept away." Reporting on public figures, McRae says the UK will go up from a national debt of 40 per cent of GDP to one of between 80 and 100 per cent. The price of tackling the recession will double national debt. "That can never happen again," he says. "When the next recession comes, in say 2018, we will still be paying off the cost of the present one." And what of the future? "We will not see the way forward today of course, for that path will have to be chartered by the next government. But we are at some sort of turning point, the point where we have as a country to admit failure." Will Chancellor Alistair Darling admit failure in today’s Budget? Stay tuned as we keep you posted on all the key announcements. Related articles:Budget Day: small business updatesCBI: we’re over the worst of the recession
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.