No this is the financial commitment to halve the UK annual deficit in 4 years. It is important to understand what this means. This is not reducing the Country's overdraft, this is reducing the rate at which the overdraft is increasing.
Currently it is at a catastrophic 12% per annum. Gordon Brown and the EU used to say 3% per annum was too much. Now we have twelve. If in 4 years we can get this down to 6% then apparently this is some kind of triumph.
In fact it is a total fiscal disaster, where will will have DOUBLED the real national debt and as such will be paying DOUBLE the amount of interest, in fact with interest rates set to increase this could TRIPLE or QUADRUPLE. This amount of interest is currently equal to the defence budget, quadruple it and it is the NHS budget. So we will need massive tax rises and cuts come what may.
The Government will be out today saying how committed they are to debt reduction. They do not mean anything of the sort and it is an outright, plain and simple lie.