HMT AT LAST DEVELOPING A SENSE OF HUMOUR

BBC today:

"Almost 900,000 public sector workers are to get an above-inflation pay rise, including doctors and teachers.......The Treasury said the money for the pay increases of up to 3.1% would come from existing departmental budgets." (My italics).

I mean, the idea that Departments keep the equivalent of a 2% of pay costs around, 'just in case'. Or indeed, the very idea of 'budgets' within which Departments are required to keep their spending!  SOOO last decade.

All parties now agree: money is free,  just help yourself. In fact, borrowing is a virtuous act. Doesnt really matter what for. Keynes said so. So that's OK then.

Well, party on.  Later, the hangover. This we know.