It beggars belief. How can anyone protest against government "cuts" on the day when Italy's bond yield has risen above 7%? As any fule kno, the government hasn't actually cut public expenditure. In April-May 2011, public expenditure was 4.1% higher than in April-May 2010. Even after factoring in inflation, that's a real terms increase. Over the course of 2011, the government has, at best, not increased public spending. That's what "too deep, too fast" means – absolutely no cuts whatsoever. So what the anti-cuts protestors are complaining about is that that the coalition government hasn't continued to increase spending at the rate that the previous government did – which, needless to say, was quite astonishingly high. According to the IMF, Britain had the fourth highest level of cyclically adjusted borrowing among the world's 28 most advanced economies in 2007, behind only Ireland, Greece and Portugal. (To read more, click here.)
