Philip Booth discussed the possible significance of a hung Parliament on Sky with Jeff Randall
He argued that the three main political parties have more or less similar plans for dealing with the debt and deficit – that is plans that are woefully inadequate. With the budget deficit currently around 15 percent of national income he suggested a hung parliament would not make a great deal of difference to the state of the economy.
Under current plans, the UK will still have a huge structural deficit in four years time and yet the parties are arguing over cuts in spending of 1 percent of national income or so. Booth argued what the economy really needs is around £170bn of spending cuts so that not just the deficit but taxes can be cut too.