D is for debt. Britain is drowning in Brown's borrowings. As the BBC's Robert Peston said, this was a truly historic budget. Historic because debt of £200bn per year will handicap Britain for a generation. The causes are many... A failure to put money aside in the good times... A banking system that lost all sense of prudence during a state-sponsored credit boom... A collapse of British society that has produced a dependent and dysfunctional population and cries out for David Cameron's social reform agenda. Crisis is an over-used and exhausted word but today's level of debt is a crisis that places Britain in the global slow lane for many years to come.
E is for envy. The 50p tax band won't raise much money. It may not raise any. But it sends the message to wealth creators that their efforts to innovate and create jobs are going to be penalised. Higher rate earners are being pursued in a cynical bid to please the core Labour Party vote and to caricature the Conservatives as friends of the rich. The Conservatives must not allow Labour to move Britain any further towards the statist Left. It must defend wealth creators and say that it will not accept tax rises that damage the prospects for economic recovery. The Tories' acquiescence on 45p invited today's move. In Cheltenham at the weekend I hope George Osborne and David Cameron will oppose this return to economically destructive levels of taxation.
A is for all gone. At an end. Bare. Consumed. Done. Drained. Empty. Finished. Spent. Squandered. Void. Washed-out. Wasted. Yep, I've swallowed a Thesaurus. But it's obvious that Labour has no solutions to the economic mess that the Brown-Blair years have produced. Labour has ruined the British economy again and yet again the Conservatives will need to put things right. The years from 2010 to 2013 are going to be at least as painful as 1979 to 1982.
D is for dishonesty. When Alistair Darling told us last year that the economy would be growing again by the end of this year it was a lie. His economic forecasts weren't worth the paper they were written on. The signs of dishonesty and deception were there from the very first days of Labour. Brown's budgets always trumpeted the good news and hid the stealth taxes within the footnotes. The Sun and The Daily Mail gave those early budgets very warm welcomes. I hope they'll hammer Brown and Darling tomorrow.