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05 May 2010
Tory shadow chancellor George Osborne has said the Red Book, the document which contains all the economic assumptions for the UK Budget, is not to be trusted.
In an interview for with the Financial Times today, Osborne said: "The Red Book is largely a work of fiction. " The FT reports the would-be chancellor saying the book contains over optimistic growth forecasts and hidden liabilities arising from the pensions and the public finance initative.
Earlier this year Accountancy Age reported a study which claimed there could be up to £32bn of PFI liabilities off the government's balance sheet.
The interview also revealed Osborne at odds with Bank of Governor Mervyn King who has been reported saying that whoever wins the election will have to make such swingeing cuts that they could end up out of power for a generation.
Osborne is quoted saying "it will be tough" but he was in public life to make things better for people.
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Briefings
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