Wirral MP blasts Budget's 'colossal' public borrowing

Wirral MP Frank Field has hit out at "colossal" borrowing announced in the Budget.

The Birkenhead MP yesterday urged the Government to use the Budget to make a firm commitment over the "injustice" of abolishing the 10p tax rate for low-paid workers.

Writing on his blog, he branded it "a long drawn out and wretched saga, acting like a cautionary tale of the Government's loss of direction."

Today Mr Field questions whether money will ever be made available to the UK to fund the chancellor's public borrowing of 175bn this year and 173bn the following year.

And he warns that failure to find the necessary cash could lead to a run on sterling.

He writes: "From the very start of the crisis the Government has consistently underrated its severity.

"Even so, Britain will proportionately be borrowing more than any other G8 country."

"Even worse is the outlook if significant increases in the long term rate of interest still do not attract the necessary loans to balance this year's books.