Memo to Corbyn and Osborne on the deficit

Summary: UK deficit still absolutely massive. Corbyn seems to think the state can spend more using the old borrow to invest line. He's wrong. Osborne keeps getting away with claiming that while hard he's a genius with the deficit. He's wrong.

From Guido Fawkes and IMF: New figures published by the IMF yesterday report Britain’s government deficit this year will still be bigger than Greece’s. The UK’s deficit in 2015 will be 4.25% as a percentage of GDP – Osborne’s preferred metric – while Greece’s will be 4.17%. The only advanced economy with a higher deficit than the UK this year is Spain…

Before the election Osborne was skewered on how Britain’s deficit compares with Greece in his worst TV appearance of the campaign. For all the talk of austerity and swingeing cuts to tax credits, the Chancellor has failed to meet his deficit targets or match the rest of the developed world…