By George I think he’s got it.
- Scale of Government debt poses threat to UK economic recovery
- Greece is a reminder of what happens when governments lack will to cut debt
- Public and markets have completely lost confidence in UK government economic forecasts
- Office of budget responsibility will publish first forecasts before emergency budget
- Majority of 6 bln sterling in savings will be used to reduce deficit, some to help jobs
- Will announce breakdown of 6 bln sterling savings in one week
- Budget date will be 22 JUne
Cable seems to have garnered some support from Mr Osbourne’s comments, back above 1.4400 in wildly choppy trade.