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From: George Osborne To: All ministers I am aware that some of you, not to mention all of the public and most of the media, are becoming confused about the various terms we apply when referring to the public finances. As we have barely started the election campaign and the issue of the deficit is likely to be with us throughout, here is a brief and simple guide.GDP: The amount of income generated by hard-working families. (When using the letters GDP always mention hard-working families.) Taxes: The money the state, and particularly the Labour Party state, takes off hard-working families. Deficit: The black hole in the finances caused by Labour which we are trying to rectify. Cuts: During the election campaign always refer to them as ‘fiscal consolidation'. Tax rises: Something Labour wants. (NOTE: Do not muddle with fiscal consolidation.) Tax cuts: Something we want for hard-working families. Targets: An aspiration. As Soon As Possible: Labour's phrase for targets. PSBR: Something never to be mentioned in the presence of children. Borrowing: Labour's word for spending. Councils: Another word for spending. Whitehall: Always useful when talking about efficiencies, eg: ‘We will save £10bn from Whitehall efficiencies.' Procurement: Always mention this when talking about efficiencies. It sounds good as in ‘We will save £5bn by having better procurement'. NHS: A model of efficiency thanks to our sound management.

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WHITEHALL

Corridors of power: Memo from the Chancellor

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