Alastair Darling has lost all credibility. It is now becoming a familiar sight to see the Chancellor standing up and announcing that he has got his figures wrong; that the country is borrowing more than expected and that the recession is deeper than he predicted.
Despite Labour saying that Britain was best placed to weather the economic downturn, we were the first in and will be the last to come out of recession. The Government is now borrowing £1 for every £4 it spends, and we are the most indebted we have ever been in peacetime history. What is most worrying is that Labour have no plans to tackle the debt problem.
Today's announcement showed that Labour have decided to delay taking any tough decisions until after the General Election and have refused to be straight with people. The danger is that by taking no action to tackle the deficit, interest rates may have to rise, hitting householders and businesses and prolonging the recession.