Wednesday, 23 June 2010

It’s Labour’s Fault

By increasing borrowing to help sure up the UK economy against the global financial crisis, the previous Labour Government have unknowingly put the state at massive risk. They have given the Tory/Lib Dem coalition a blank cheque to cut and hack away at the state under the banner of solving the national debt. Never mind the fact that it’s the banks' irresponsibility that forced the government to borrow to bail them out (after which their refusal to lend crippled the economy). No, it’s Labour’s fault that we all have to tighten our belts. What about the bank levy though? Doesn’t that mean the banks are helping to repay the debt? Well no. It now seems that the reduced rate of corporation tax will mean that they are all better off anyway. Don’t worry; those bankers will be getting nice fat bonuses next year.

Previously the right had to hide behind excuses that reducing the state was more efficient or better for the economy. Now they have a better reason. If they don’t reduce government spending, Britain will go bankrupt. This ignores the fact that most EU states have higher national debt and longer term plans for repaying it. Their aim as always is to push back the state to a level which can’t be undone. They now have a much more immediate justification to do this.

Look out of your window. This will be as good as it gets.

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