Dr John Hayward is the executive director of the Jubilee Centre, a social reform organisation established in 1983 to explore an alternative social paradigm to capitalism, socialism and other ideologies from a distinctively faith-based perspective. He regularly blogs on a wide range of social, economic and political issues on the Jubilee Centre website.
If anybody still doubts whether the Conservative Party can be trusted with Britain’s economy, they should listen to today’s warning by the Shadow Chancellor George Osborne of the need to “confront some uncomfortable truths”.
Mr Osborne told a Birmingham business audience today:
“The unsustainable debts in our banks are a reflection of unsustainable debts in our households, our companies and our government. Our economy is broken and we need a new model of growth.”
Crucially, rather than seeking to find a scapegoat for the current global crisis - such as bankers, the Government, or America - he identifies the problem as the debt-based finance system that we all take for granted:
“We need to change from an economy built on debt to an economy powered by savings and real returns on effort. Increasing profits through ever higher debts is not a sustainable way to build a business.”
He is right. Debt is not a basis for growth. In fact it is a recipe for inevitable disaster.