Danny Alexander admits the truth: £28.8bn unaccounted for

Another Paxo moment: Chief Secretary to the Treasury fesses up to unplanned debts

Column LAST UPDATED AT 08:10 ON Wed 30 Nov 2011

DANNY ALEXANDER got caught being honest on Newsnight with Jeremy Paxman which says plenty about his decency but not much for his political nous.

The downgraded growth projections announced yesterday by George Osborne mean the finances are so bad he has had to move the goalposts for debt reduction.

Instead of reducing debt by election year 2015, Osborne has had to plan for a further £30bn of borrowing for the year after in order to balance the books. So far the Treasury has only pencilled in £1.2bn in cuts for that year, leaving £28.8bn in cuts to be found after the General Election.

Number cruncher Paul Johnson of the Institute of Fiscal Studies said it would mean seven years of cuts. "That is unprecedented," he said.

Paxo asked the Chief Secretary to the Treasury where the £28.8bn was coming from. Danny Boy replied: "We haven't decided yet."

You don't know what you are going to cut? asked a startled Paxman.

"No".

Now Danny A - often compared to Beaker, the red haired boffin in The Muppets - may have signed up for fighting the next election on more cuts and pain but The Mole suspects not many other Lib Dems in the coalition are prepared to do so.

As Beaker would say when faced with an insoluble question: 'Eeeeek.' ·