Reckless public spending is pushing the country towards the debt abyss

The Chancellor needs to convince the markets and the country that he has the public finance Exchequer ontrol, and has scope for both tax cuts and higher spending.

It is all a trick and everybody knows it, but it spoils the illusion to point this out.

Of his now 10 pledges, not one mentions spending, he is said to be seeking to emulate Mrs Thatcher.

Running deficits that push debt up to 300 per cent of national income is unsustainable.

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