Economic credibility in tatters

Alastair Darling's announcement yesterday about the new tax measures have only been able to do one thing, and that is destroy Labour's one and only argument against the Tories. The cost of the new tax measures are around £2.7 billion, and the government is covering that cost by borrowing it.

Yes, that's right at a time of a global credit crunch our government is taking on another £2.7 billion of credit. Also, the fact that they are borrowing the money means that this tax cut cannot be bu funded by the treasury. Or in layman's terms it is an "unfunded tax cut".

Never again will they be able to throw that line against the Tories with out showing pure hypocrisy.