Chancellor George Osborne’s long-term plan has collapsed and his austerity policy has brought us more debt than he inherited in 2010. In fact National Debt has doubled from £700bn to £1.4 trillion.
The structural debt known as the deficit at £156bn that he was going to eliminate by 2014 still has 60 per cent unpaid, and he is now adding to it with giveaways in an effort to win the general election in May 2015.
Before the last election in 2010 David Cameron said Labour’s commitment to halve the deficit would take Britain over the brink into bankruptcy, the whole deficit must be eliminated. What happened? The Tories have only eliminated 40 per cent so according to David Cameron Britain is now bankrupt!
Every Christmas for a number of years I have a book in my stocking, namely The Economists’ Pocket World in Figures.
The 2014 edition gave Britain’s and the USA’s GDP per head as 48,110 dollars, while the 2015 edition gives Britain’s GDP per head at 38,920 dollars but USA’s at 51,750 dollars. Germany, France and Japan, who were all below us, are now all above us, but we are told we are doing the best of the G7 counties?
M J Warner Groundwell Road Swindon
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