Tory Hysteria: Brown Balances Capital Budget Shock

Although I am not a close confidant of Gordon Brown, strange as it may seem, I'm not moved by the somethingly tardy story on NHS "capital cuts" from Iain Dale.

I'm thinking that this "cut" of the NHS capital programme for 2007-08 reflects the actual speed on the ground of the building work, and hence of payments triggered by specific milestones, rather than cuts. Prudent and standard-practice accountancy.

Anyone who has been involved in capital programmes, whether in public or private sector or both, knows that slippage in building programmes and consequent adjustments to cash flow profiles are utterly normal.

This is at least part of the situation being hysterically spun by the Financial Times - who should know better - and the Tory blogosphere who obviously specialise in hysterical spin, with moments of lucidity here and there.

It is also noticeable that Iain Dale's hat tip today to "yesterday's FT" is another instance of Tory slashing of the underlying value of the week in your calendar.