By Charlie Elphicke MP.
As we approach the comprehensive spending review, it is worth reflecting on the scale of the mess left by Labour. Labour’s mismanagement of the economy means that this year the UK will be borrowing £109bn that has nothing to do with the recession. This borrowing is purely and simply a case of spending more than we can afford.
The amount borrowed totals £4,000 for every home in the UK. Overspending at this level could enable everyone in the UK to have a new bathroom this year. Over the course of the current Parliament, the total cost of this pure overspending will amount to an astonishing £292 Bn. That’s some £12,000 for every household in the UK. This kind of money is enough for a house deposit.
The graph below shows the poisoned legacy of Labour’s economic incompetence. The measures being taken by the Coalition simply seek to balance the books over the course of this Parliament. The level of Government debt will continue to rise as can be seen below – the continuing bill for Labour’s fiscal incontinence. We cannot sensibly spend more than the Government gets in revenue, especially when the nation’s credit card is maxed out. So by the end of the Parliament, Government will only be spending as much as comes in.
