Tory cuts could mean 5 million unemployed

The Telegraph reports that an ex member of the Bank of England Monetary Policy Committee has warned that Tory public spending cuts could push unemployment to over 5 million.

They report Professor David Blanchflower as saying: "We must not repeat the mistakes of the 1930s by assuming a recovery is taking place and then cutting spending and raising interest rates too early. Such action could push the economy into a decade-long depression."

See http://www.telegraph.co.uk/news/newstopics/politics/conservative/georgeosborne/6224723/Tory-public-spending-cuts-could-push-unemployment-to-5-million.html

See the full Blanchflower article in New Statesman at http://www.newstatesman.com/economy/2009/09/public-spending-unemployment