Left Watch

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Brown's Britain borrowed £7,830 every second in November

New figures from the Office of National Statistics show that the Government borrowed £20.3 billion in November. Shadow Chancellor George Osborne issued this statement in response:

“In the run up to Christmas, Gordon Brown is maxing out on the nation's credit card - and doesn't care how we are going to repay these debts in the future. The record public borrowing figures equates to almost £1000 for every family this month alone. Now we're all paying for Labour's failure to fix the roof when the sun was shining - and after last week's PBR, we know they have no credible plan to get this debt under control. So the price of keeping Gordon Brown in office is clear: higher interest rates, higher youth unemployment and families being squeezed. Only a change of Government can now bring the prosperity and lasting recovery Britain yearns. The continuing decline in credit to business also revealed today shows that all those Government recession schemes have failed and the credit crunch continues for many smaller businesses. Our economy needs confidence and credit - and its getting neither under Labour.”

Earlier this week Peter Hoskin posted this chart which shows how Britain has been by far the worst affected by the global recession:

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