The deficit has only been reduced by £45bn (or a third) since the beginning of the coalition. Chancellor George Osborne says that borrowing will fall to £87bn in last year of parliament and to £42m by 2017.
Osborne says that given weak economic conditions in Europe he thinks further cuts would be a mistake.
Massive budget deficits for years to come, until way into next Parliament. National debt going up even faster— Allister Heath (@AllisterHeath) March 20, 2013
Everything looks better when compared against Labour government's record.— Tom Welsh (@TWWelsh) March 20, 2013