Socialist Worker

Official report reveals Tory lies over cuts

Issue No. 2261

The richest tenth of the population have seen their share of Britain’s total income rise by 6 percent—while the rest of us face cuts.

That’s one fact revealed in a new report by the Office for Budget Responsibility.

The report, even though it is by the Tories’ tame “watchdog”, still has to admit that the deficit was caused by the bankers.

It says, “The banking crisis and recession of 2008 and 2009 fuelled the largest budget deficit in our peacetime history.”

The report also admits that the cost of public sector pensions will fall, not rise, by almost a third by 2060.

And it reveals that the total “capital liabilities” arising from PFI contracts were £40 billion last year.

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Tue 19 Jul 2011, 17:25 BST
Issue No. 2261
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