Brendan Keenan: Bailout debt is not our only problem
Monitoring Exchequer returns to see if the four-year plan is viable will only be useful if there are no more shocks to the system -- which is most unlikely
NEARLY everyone has that nightmare where they are running very fast -- usually from an unidentified danger -- but are getting nowhere. Just a few days on from the election, the prospective coalition government must know the feeling.
We are certainly running. Perhaps the most striking aspect of Wednesday's Exchequer returns on government finances was that income tax and levy revenues last month were eight per cent higher than in the same month last year -- and that does not include the Universal Social Charge (USC). The reductions in tax credits and income tax bands received less publicity than the USC, but are far more draconian.
(By the by, USC was the official title of the North's notorious B-Specials,but who remembers that?)