An economics professor has invoked the wisdom of philosopher Bertrand Russell to cast doubt on the precise calculations behind the UK government's cherished fiscal headroom, branding the process a matter of 'guesswork'.
The Theatre of Fiscal Forecasting
In a letter to the editor, Professor Costas Milas of the University of Liverpool supported a recent Guardian editorial which highlighted the immense uncertainty in producing five-year forecasts for the gap between public spending and tax revenue. The editorial, published on 1 December, criticised the 'theatre of errors' between the Treasury and the Office for Budget Responsibility (OBR).
Professor Milas pointed out that while financial markets appear comforted by large headline figures for fiscal headroom, they overlook a fundamental truth about the numbers. He recalled the famous definition of mathematics provided by Bertrand Russell: the subject in which 'we never know what we are talking about, nor whether what we are saying is true'.
'This also applies to the concept of the medium-term fiscal headroom that economists and politicians alike are obsessed with,' Milas concluded, suggesting the entire exercise is built on shifting sands.
Readers' Letters: From Benefits to Baffling Crosswords
The correspondence on economic policy was just one of several thought-provoking letters published. The debate over the two-child benefit limit continues to polarise opinion sharply. Correspondent Andy Smith from London observed that one camp believes it should never have been scrapped, while another argues it should have been abolished a year ago, leaving him to muse, 'Who would want to be the chancellor of the exchequer?'
Elsewhere, puzzler Alex Dickie from Edinburgh raised a lighter-hearted concern, wondering if a new feline addition to the print edition's crossword page was to blame for their recent solving struggles. 'Are my cognitive abilities declining, or is it the introduction of the cat with the Paddington stare?' they asked.
Place Names and Word Choices
The ongoing discussion about inaptly named UK locations prompted David Duell from Durham to nominate the County Durham village of No Place. He questioned whether road signs to the village should simply be left blank.
Finally, a note on linguistic precision came from Carole Ludlow Mooney in Bacup, Lancashire. Commenting on the Oxford University Press naming 'rage bait' as its word of the year, she expressed her expectation that the esteemed institution would know it is, in fact, two words.
The Guardian's letters section remains a vibrant forum for public debate on issues ranging from high economic policy to the quirks of daily life, inviting readers to email their opinions for consideration.
