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    Mark, please tell me you didn't seriously think Labour wouldn't make any cuts to public expenditure. Now they are out of office a procession of them have been on tv admitting they would. The 6bn is a drop in an ocean of Labour created debt, borrowings to pay for public expenditure (aka living beyond our means) but is a very real signal to the all important foreign and financial markets that the UK is seriously addressing it finances.

    In case you hadn't noticed, yesterday the pound was trading at 1.48 to the dollar. Potentially good for exporters, but nobody else and don't forget, we import most of our stuff and a weak currency makes everything more expensive.

    There is a phrase about waking and smelling the roses. The ex-Labour ministers and senior members appear to have done so; far too late for it to be of any help.

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