"A£50 BILLION “black hole” in the public finances which has sparked calls for government spending cuts would disappear entirely if the debts were calculated differently, a group of economists said today.
Economists with The Progressive Economy Forum said their findings mean possible government austerity-driven spending cuts or tax rises to address the alleged “black hole” could be more damaging to the economy than the so-called debt.
The government has previously used a different measure for calculating public debt and returning to this would leave the public finances with £14 billion to spare. "..