WE CAN'T GO ON WITH LABOUR’S DEBT CRISIS
Yesterday's new figures show the first signs of economic growth after 18 months of recession – the longest and deepest since the war.
Of course, the end of the Great Recession is good news – even though we were one of the first big economies into recession, and the last out. Now we are coming out of recession, Labour’s Debt Crisis is the biggest threat to our recovery. As the Director-General of the CBI said in The Times yesterday, ‘one of the troubles with the Government’s programme [of debt reduction] is that it’s long on aspirations and short on details, and it’s stretched out over the lifetime of two whole Parliaments.’
We can’t go on like this. We need change and a Conservative government to get a grip on our debt crisis. As any family with a credit card knows, the more we spend and the longer we wait to pay off our bills, the worse it gets.
Five facts about Labour’s Debt Crisis
· We’re borrowing money at a rate of nearly £6,000 every second - every five seconds, the Government borrows more than the average British person earns in a year.
· This year, we’re expected to borrow almost 14 per cent of our GDP – almost twice as much as when we nearly went bust in the 1970s.
· We’re spending more money on the interest on our debt than on almost anything else.
· We have the biggest budget deficit of any large economy.
· Last week, we had the worst public borrowing figures for any December on record.
Of course, the end of the Great Recession is good news – even though we were one of the first big economies into recession, and the last out. Now we are coming out of recession, Labour’s Debt Crisis is the biggest threat to our recovery. As the Director-General of the CBI said in The Times yesterday, ‘one of the troubles with the Government’s programme [of debt reduction] is that it’s long on aspirations and short on details, and it’s stretched out over the lifetime of two whole Parliaments.’
We can’t go on like this. We need change and a Conservative government to get a grip on our debt crisis. As any family with a credit card knows, the more we spend and the longer we wait to pay off our bills, the worse it gets.
Five facts about Labour’s Debt Crisis
· We’re borrowing money at a rate of nearly £6,000 every second - every five seconds, the Government borrows more than the average British person earns in a year.
· This year, we’re expected to borrow almost 14 per cent of our GDP – almost twice as much as when we nearly went bust in the 1970s.
· We’re spending more money on the interest on our debt than on almost anything else.
· We have the biggest budget deficit of any large economy.
· Last week, we had the worst public borrowing figures for any December on record.
Comments
So no change then ?!
Whatever the outcome of the next election, we are going to see an austerity package the likes of which we have never seen before. As ususl, it will be the man in the street who gets clobbered by you useless, self serving morons.
You offer nothing new, nothing different and nothing radical. Any political party that mentions the word 'change' in its slogans should be seen as a warning that there will be no change at all!
I would seriously like to know what you would suggest as an alternative.
Austerity is necessary irrespective of who wins the next election. It is how the economies apply, that matters. David Cameron has pledged to tackle the deficit and save the NHS. In order to aid the recovery the country must retrench. It cannot be denied, it will be painful.
Is class war and bloody revolution the answer? I think not. You will find that life usually gets harder for ordinary people where there is no stability.
The recovery and our national credit worthiness is at stake if the deficit is not tackled. No one in the Conservative Party wants to make ordinary people suffer.
Why not go onto the Conservative Party website and leave suggestions as to how money can be saved. Conservatives wish to be just and listen to how best to administer the nasty tasting medicine for the long term good.
Thanks Tim for airing your views. I would be interested in what you perceive as radical change needed.
In the process he continues to add to the protected departments. If ring fencing is increased it logically follows that other departments will lose out. For example the National Audit Office says Labour's defence spending is already unaffordable. Bob Ainsworth announced cuts, then Gordon Brown says defence spending is protected. If so non-ring-fenced departments face cuts of 20%.
Peter Mandelson attacked the Conservatives stating that Tory plans to cut spending in Higher Education were potentially nonsense. Then it is announced that cuts of £315 million will be made in 2010 to the Universities. Science and Research budgets will be slashed by a further £600 million between 2011-13.
Darling and Brown are at loggerhead as to what to do, should the situation arise of having extra revenue. Darling would cut the deficit. Brown would spend more. Mandelson cannot decide whether Conservatives are cutting too little or too soon.
Even so Labour have now pulled the election reform card. Cynics or what?