As my readers will know I'm in favour of a slower payment of the debt. However even thought the spending review had plenty of bad news for many. I was pleased to see that there will be an increase of £2 billion in capital spending from Labours plans. As I blogged in Alan Johnson is right on capital spending.
I was also pleased that the average departmental cuts is 19% rather than the 25% expected. Less than the 20% cuts that Labour planned. This will of course be used as political capital. It's worth bearing in mind that this is not all at once but spread over the four and a half years.
The worse cuts for my political beliefs were the cuts in the Local budgets. I'm glad councils can borrow against future spending but this will only help to a certain extend. Good luck Bracknell Forest Council your going to need it.
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