The true level of debt

There is a suggestion doing the rounds that the IMF be called in immediately after the election in order to certify the level of debt.

I am not sure about the IMF - whose experts arriving on the Heathrow tarmac would cause the pound to fall out of bed - but I certainly think some independent body should do an audit, so the new government can at least know - and let the public know - how bad it is.

One thing which should be included is the PFI - the system of joint public and private sector projects initiated by Gordon Brown. After all, if the project fails and we are left with a half built hospital or school the government is going to be forced to finish it. So the taxpayer is on the hook for the whole of the money. This was just one of Gordon's little fiddles.

There will be more.