The REAL Source of the Deficit

Just a quick blog post to draw your attention to the 'Left Foot Forward' blog and its analysis of the real source of the UK's deficit. It proves the coalition's claim that the deficit arose because of consistent Labour over-spending is false - and uses the Treasury's own graph to do this. The conclusion the economist Michael Burke comes to, quite obviously, is that the deficit is a recession effect - attributable to plunging taxation receipts.

http://www.leftfootforward.org/2010/09/the-source-of-the-deficit/