Come Clean Or Golden Rule Becomes Cheats Charter

11.53.28am UTC (GMT +0000) Fri 31st Oct 2003

With reports that Government finances are deteriorating rapidly with Gordon Brown in danger of breaching the 'golden rule' of borrowing only to invest over the economic cycle, Lord Oakeshott, a Liberal Democrat Treasury spokesman, has today challenged Gordon Brown in a parliamentary question to define his golden rule more clearly.

Lord Oakeshott said: "If we are to hold the Treasury to its self imposed 'golden rule' we must know what the Chancellor considers to be the starting date of the current economic cycle and how he will decide when the cycle ends."

"Gordon Brown must come clean otherwise his so-called Golden Rule on public spending is just a Cheat's Charter."

ENDS

Lord Oakeshott's written Parliamentary Question reads:

"Lord Oakeshott of Seagrove Bay asked HMG what was the starting date of the current economic cycle in the United Kingdom, on what criteria they will decide that it has ended, and what will be the maximum delay between making that decision and announcing it."