Gosh, a PSLR
WHAT a nice worry for the Treasury — a Public Sector Lending Requirement: 'But, Sir Peter, who ever can we lend the money to?' Indeed, what a painless way to cut public expenditure, by spending less on servicing the national debt. Three-quarters of the way through this financial year, the figures are on course for a surplus. As for next year, the public spending decisions went well for the Treasury (with no need for recourse to 'Star Chamber' difference- splitting from Lord White'-w) and this week the annual Public Expenditure White Paper shows it. Once considered the more significant half of the budget, this White Paper has become reassuringly dull. No wonder that Nigel Lawson could come far enough out of pre-budget purdah to say: `Nor is it in any way immoral for the state to take less from the citizen by way of taxes.' He was preaching the economic and moral virtues of personal responsibility and choice CA society based on freedom is inherently stronger and healthier than a society based on state coercion') and applied them vigorously to the areas of housing, education and the inner cities. One area noticeably omitted: health.
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