The ConDems have promised cuts. But they can’t deliver them. As the FT has reported:
The Treasury is working on plans to “reprofile” spending cuts next April, spreading the pain of deficit reduction more evenly over the next few years, senior Whitehall officials have told the Financial Times.
Confronted with the difficulties of quickly cutting spending – including financial penalties for breaking contracts and redundancy costs – ministers have been forced to consider delaying some of the big savings until later in this parliament.
Of course I’m not surprised.
But the issue is important. Having told the public and the markets that we can only be saved by cuts not delivering means the ConDems have failed – and if markets behave as the ConDems believe the backlash will be harsh.
This is staggering incompetence. Not in delivery. But in promising what was never deliverable, or desirable.