Hannan: Britain's share of the Portuguese bail-out could wipe out half of all the government's spending cuts

Daniel Hannan writes:

The Treasury boasts, in its budget statement, that all the government’s spending cuts put together will save £6.2 billion. Now we learn (hat-tip, Open Europe) that Britain’s liability in the event of a Portuguese bail-out could easily reach £3.2 billion. Half of all the savings – the cuts to housing benefit, to child benefit, to local government – swallowed up in an instant. Small wonder that, despite everything, overall government spending keeps growing.