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  Gary - you have a problem in that you prefer to hide from, the truth. I read exactly what you said whatever you prefer to claim whenever you get yourself into a bind.
  
  Britain still has a massive deficit. For your information a deficit means that you are spending more than your income. Britain's position is akin to you spending every year 130% of your income with the 30% being added to your credit card debt annually.
  
  If in that position with your family finances what would you do to correct it? Countries are still subject to the same basic common sense budgetary issues as a family.
  
  To put that deficit into perspective Britain's debt at 80% of GDP compares to Spain, who are having serious problems at 60.1% of their GDP.
  
  A failure to cut spending would mean a loss in confidence from those on whom we depend to lend the government that money. That means higher interest rates, hitting not only government gilt prices but mortgage rates as well - further damaging economic growth and requiring more cuts eventually being made.
  
  More cuts now mean the need for less cuts later but sadly Osborne is only doing the minimum to satisfy the markets but that is just not enough.
  
  No - the minor cuts already implemented have not yet bitten properly. The government is still spending far more than ever and borrowing more than ever to fund it and that will continue until 2016 on Osborne's plan.
  
  Of course Gary - you are not interested at all in the hard facts of what is happening. Not only do you not understand it, but you don't want to, preferring to live in some fantasy world in which spending cuts need not be made and we can live all happily ever after on the never never. I prefer the real world to your fantasy, uncomfortable as it may be at least it is the truth.

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