U-Turn Rachel's spending review
Going into the spending review Rachel has been talking up the economy after realising that she had been talking it down for so long that people were starting to believe things were that bad. On Thursday 5th June she said: "The most recent GDP (gross domestic product) numbers, 0.7% growth in the first quarter, the strongest in the G7, and recent business surveys ... are very positive," ... "That is good news and does show we are beginning to turn the corner." As a result she felt she could U-turn on the politically unpopular winter fuel payments. Her comments relate to the first quarter ie Jan - March. It therefore ignores the introduction of increased employer national insurance contributions and the inflation busting increase to the minimim wage in April. The Government borrowed more in April than expected. She borrowed £20.2 Billion (2x Rachel sized black holes) which was £1Billion more than March. April tax receipts were up because of the National Insura...