Has the deficit really gone down?

As Ed Conway has noticed, if you exclude the effects of either Northern Rock asset reclassification or the profits of the SLS from today’s public sector borrowing figures, the deficit was actually higher this year than last.

Osborne scrapes home by a mere £0.3 billion

The latest public sector finances data, released today by the Office for National Statistics, make gloomy reading for George Osborne. Net borrowing in March 2013 was £15.1 billion, meaning he managed to reduce the deficit by a mere £0.3bn.

Pimco chief slams austerity in interview with FT

Bill Gross, manager of the world’s largest bond fund for Pimco and one of the most widely followed and influential voices in the bond market, has attacked the UK’s and Eurozone’s austerity measures, saying that austerity is not the way to induce growth.