So says Paul Johnson of the IFS at least, telling us that it’s simply not possible to ramp up public spending by £50 billion a year rapidly.
He’s right of course:
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However, Mr McDonnell was committed to far higher spending, Mr Johnson said. “The capacity of the public sector to spend that effectively and in short order must be in doubt. There is next to no chance that investment spending could sensibly be increased by more than £50 billion a year within a year or two,” he said.