Monday, 17 May 2010

There's no money left

When new Chief Secretary to HM Treasury David Laws sat down at his new desk for the first time he found a letter from his predecessor, Liam Byrne. He hoped it would be full of good advice, unfortunately it just said:
Dear Chief Secretary, I'm afraid to tell you there's no money left.
Byrne claims it was meant as a joke. Laws didn't find it funny though. The new government has been lifting rocks and finding more debt under every one. The departing Labour administration, knowing it had nothing to lose, seems to have operated under a scorched earth policy of committing to vast expenditure in marginal constituencies knowing that it would either get them re-elected or someone else would be sorting out the mess.

On the plus side, this is the first time in thirteen years that a labour minister has told the truth!


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