This week the former PM stepped in to rebuke those who would allow the public finances to spiral out of control.
I must be living on another planet to everyone else. On the planet I live on, the U.K is still running a deficit of around £50 billion. The level of the nation’s public debt is fast approach £2 trillion. Yes, you heard me correctly £2 trillion. The interest on the debt is at around £40 billion. These are truly staggering numbers yet the left want to add more debt by increasing spending and increasing borrowing.
To put this into perspective the interest payments equate to around £770 million a week. £76,000 every minute. This is simply unsustainable. There is no virtue in stupidity and those that would bankrupt the nation, loading more and more debt onto future generations do not hold the moral high ground.
The U.K economy grew by 1.8% last year. The great recession is over and we have now returned to stable growth. Even Keynes; whose writings was used as the economic argument (legitimately) against austerity in the immediate aftermath of the crash, would argue now, that this is the time to get the public finances in order. There will be another recession at some point in the future. If we do not do consolidate the public finances now, the state will be in an extremely weak position to help combat it when it comes.
(Photo: Number 10/ Flickr)