Deficit

Try it if you dare. The FT deficit buster — an online simulator of the next three year spending round — allows you to choose your own package of cuts. It should definitely carry a health warning.

The project started as a simple question: can we show what it would take to halve the deficit by making £30-40bn cuts? The answer exposes just how little all three main parties are willing to tell you about the looming spending squeeze.

Take the easiest option in the game: acting as your own chancellor, free of party spending commitments. In today’s splash, we include an illustrative package of measures to make savings in the order of £40bn:

A 5 per cent cut in public sector pay; freezing benefits for a year; means-testing child benefit; abolishing winter fuel payments and free television licences; reducing prison numbers by a quarter; axing the two planned aircraft carriers; withdrawing free bus passes for pensioners; delaying Crossrail for three years; halving roads maintenance; stopping school building; halving the spend on teaching assistants and NHS dentistry; and cutting funding to Scotland and Wales by 10 per cent.

 

Just picked up a first edition of The Observer and it’s leading with Nick Clegg warning that Britain faces “serious social strife” if a government without a popular mandate starts wielding the public spending axe.

It’s certainly a novel twist on the standard arguments about a hung parliament. Clegg’s pitch is basically that a minority government would be good for the country because it better represents the split of the popular vote.

A narrow victory for the Tories or Labour would wreak havoc because they would be sacking public sector workers, slashing programmes and freezing wages after having secured as little as a quarter of eligible votes.