Coming Clean...

Evening all,

Bit of a odd day to be fair – which has had a massive dose of reality in the past few hours in the race to Number 10. 

The Institute for Fiscal Studies – an independent think-tank has denounced all three main political parties for not being clear-cut in what cuts will need to enforced in the blood-letting that will follow the election. 

Now, they have accused all three main parties ‑ and particularly Labour ‑ for failing to come clean over the scale of tax rises, welfare cuts and spending retrenchment necessary after the election.  At last some home truths...

In an attack on the plans sketched out by Labour, Conservatives and Liberal Democrats, the Institute for Fiscal Studies also claimed the Tories were planning the sharpest spending cuts since the second world war, while the Labour and Lib Dem spending slowdowns amounted to the biggest retrenchment since the IMF crisis in the mid-1970s.  Rationing anyone?

It does make the background for the final Leaders Debate in Birmingham on Thursday that little more fussy.  On the same day as the IFS cam out with their damning verdicts on the parties’ economic plans – Greece's debt has been downgraded to junk status by rating agency Standard & Poor's amid concern it could not take steps to tackle its economic crisis.  The high price of joining a one size, fits all economic junket...Greek debt has lower rating than Lebanon's.  How fucking damning...

S&P said it was lowering its rating on Greece's debt to BB+ from BBB-. It also reducing Portugal's debt rating by two notches to A- as doubts intensified about countries with substantial debt relative to GDP.  Ditto as above...seems like Sterling may not be the only currency facing a threat from the profiteers...

The markets are going to drop like a stone in the morning...