It is not hard to see why Brown and Darling want to revise there fiscal rules. The UK government is running up a massive fiscal deficit. So far this year, the government has borrowed ₤20 billion.
During the same period last year, the government borrowed around ₤12 billion. Last year's fiscal performance was terrible. By the end of the year, the government borrowed a shocking ₤35 billion.
The latest borrowing binge raises UK public sector net debt to £555.3 billion, equivalent to 38.3 per cent of GDP. Indebtedness is rising rapidly. In the last year, the government has added one full percentage point of GDP to public debt.
GDP is sliding; tax revenues are falling; and public expenditure is rising rapidly. The government is now in a corner and dumping the fiscal rules is the easy way out.