Living standards in both the public and private sector have to be brought down. The private sector has to sell more abroad and consume less at home. The government sector has to get closer to just spending what it can collect in taxes.
John RedwoodI have more government than I want, more government than I need, more government than I can afford.
John RedwoodThe UK downgrade will come as little surprise to many. It does not appear to be occurring because the UK is cutting its deficit too far and too fast.
John Redwood