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The Institute for Fiscal Studies has estimated that government finances are out of control, and New Labour will have to make cuts of £37bn to balance the budget over the longer term. These cuts amount to 2½% of Britain’s GDP. As right wing Labour MP Frank Field tartly points out, “The government’s forecasts of debt levels have a terrible habit of being way out. This year’s borrowing is 40% up on its estimate last year, standing at a staggering £118bn.” (Guardian 08.12.08) As borrowing rises faster than income from taxes and other receipts, the mass of government debt is likely to hit £1 trillion for the first time ever by the end of 2009. The Financial Times commented, “Mr Darling’s projections look gloomy. The worry is that they may not be gloomy enough.”