Gavin Maclure's Musings

My take on politics locally, nationally and internationally

UK debt dangerously out of control

2 Comments

Where’s Cameron? I am told he is sat behind George (we hope!)

The UK Chancellor of the Exchequer, George Osborne, today stood up at the despatch box and delivered his Winter Autumn Statement on the state of the public finances and the measures he is taking to fix them. Although he is not fixing them.

Constrained by the Liberal Democrats, who are becoming less representative of Britain by the day, the Chancellor can’t take the drastic action required to reduce the national debt. He can go on about reducing the deficit until the cows come home but it is the debt which will ruin our children’s and their children’s chances in life. Net debt will rise to 80% of GDP over the coming years.
There was some good news. Labour’s scheduled 3p rise in fuel duty in January has been scrapped. The income tax personal allowance is to go up to £9,440 next year, £235 more than previously announced. The yellow peril’s “mansion tax” has been shown the door (Clegg’s deluded look on the front bench shows how mad he is) and the total ISA limit (cash and shares) will increase to £11,520 from next April.
The Chancellor announced a number of infrastructure projects paid for by the son of PFI – PF2. Same method, different name. What this means in reality is big infrastructure projects like extending the Northern Line in London and dualling the A30 will be paid for by private companies which the UK taxpayer will have to pay back with interest, fees etc at a later date. That is the government is paying for today on the backs of the unborn. In other words, more debt.
You see the national debt is not some monopoly money on a playing board, it is REAL money, which must be paid back. And who must pay it back: you and I through taxation. So if this Government keeps on borrowing more to pay for luxuries we can no longer afford like the still very generous welfare benefits, a bloated NHS and £2bn in “international aid” to help the third world build windfarms, the next generation will have to pay Government more in taxes to pay the money back to the banks and our foreign creditors like China. That’s less money in the next generation’s pockets to pay for excesses of today’s generation: it is criminal.
There are now very few politicians in parliament who get it. Clacton’s Conservative MP Douglas Carswell is the exception. Anyone who wants to understand how we got into this mess should read his latest book, “The End of Politics”.
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Author: gavinmaclure

IT professional; political blogger, former Conservative councillor

2 thoughts on “UK debt dangerously out of control

  1. I didn't mention Labour's response. Hardly worth it. We all know they caused this mess.It seems Shadow Chancellor's Ed Balls' guilt got the better of him when he took to the despatch box: http://www.telegraph.co.uk/finance/budget/9724343/Autumn-Statement-2012-Ed-Balls-gets-in-a-muddle-as-he-attacks-the-Coalitions-economic-failure.html

  2. Labour's toxic legacy is being tackled as quickly as it reasonably can. In the House of Commons, existing elected MPs can vote but others cannot.Douglas is indeed a good speaker – police commissioners were among the excellent suggestions in his book.PS Winter officially starts at the Solstice (21st).

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