An early look at the PBR figures indicates that the extra borrowing over the six years from 2008-09 will amount to some £20,500 for every household in the country. That's some debt bombshell! And worse, it'll all have to be repaid. So sooner or later, taxes will have to rise to pay it all back - that's the reality of Labour's scorched earth strategy.
The graph below sets out my initial costings for the extra borrowing for each year per household. The financially squeamish should look away now . . . It's not pretty.
