Government Spending meltdwon: IMF beckons

Just for the avoidance of any doubt, check out this short BBC article. The Government has borrowed £13 billion in June, up from £7.5 billion in June last year.

So borrowing is more or less doubling. At the same time tax revenues have fallen £32 billion.

So, bag of fag packet exercise:

Total tax take likely to fall about £40 billion after adjustments to end of this year.
total government borrowing to double to £150 billion (minus the £70 'expected').

Structural deficit (this is the money being spent for which there is no income, equivalent to the spend over your monthly salary payments) - c. £120 billion.

So whoever gets in Government are going to have to slash that much public spending, for the record that is nearer 20% than 10%. My bet is still that the IMF will have to do this when our politicians bottle it.

Surely after this, Labour can never win power again?