THE UK’s MARCH BUDGET AND THE DEEPENING CRISIS OF BRITISH CAPITALISM.

It has been pointed out that the £218 billion in cuts to public services may be overstated, due to GDP growth and higher taxes. Far from it. Projecting future GDP growth is not consistent with the experience of no growth over the last two years. Furthermore even the OBR projects a fall in the tax take over these years of £93.6 billion (see their table A.6 page 151, the link is in the main article) making it unlikely that increased taxation will moderate the cuts. Of course these cuts will be unsustainable, which means the Tories are passing a loaded gun onto Labour.