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Pre-Budget – Brown ‘ignoring black hole’ – Letwin

Shadow chancellor Oliver Letwin has accused Gordon Brown of breaking his own ‘golden rule’ on public spending.

Letwin said Browns golden rule demanded public borrowing would only be used to invest when in fact the Chancellor was borrowing to cover a deficit black hole.

Letwin said: “Why does the Item Club put his black hole at 10bn. Why does the IMF say he is 12bn short? The Chancellors golden rule has turned to dross in his hands.”

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