I really struggled for a title for this short post, insanity is not the best word. But splurge has been over-used as have many others.
However, I thought it best we try and keep an overall tabs on Labour spending commitments...
"A hundred billion here, a hundred billion there, pretty soon your talking about real money"
....to paraphrase Everett Dirksen.
So far with Environmental green wash, NHS and new homes I get to around £250 billion.
This is a mere 25% increase in Government spending. To raise this kind of money in tax would be some serious effort, 10p on income tax a wealth tax at 5% might make a little dent in it, but likely 25% VAT too.
Of course, they won;t do any of that and instead will just test the limits of the market for Gilt issuance and let future generation worry about penury.
It is an amazing start, the pure chutzpah is incredible but in many ways I think this is a good thing for the Country, we might actually start a debate on Government Spending, tax and debt again which should always be front of mind but which Brexit has allowed to drift.
We shall see, of course it could end with Corbyn in Downing St need to put in capital controls very quickly indeed.
UPDATE: So since this morning John McDonnell has come out to say £250 billion on Green stuff and £150 billion on Housing and NHS. So now just £400 billion of extra spending - a 50% increase in Government spending. Now I really am lost for words!