Gordon Brown insists he was right to run up Britain’s largest-ever state deficit, despite a doomsday warning that savage spending cuts and tax rises are needed to balance the books.
A report from a leading economic forecaster dealt a major blow to the Government’s plan to reduce the vast national debt, saying it is on course to fail.
The National Institute of Economic and Social Research dismissed the Treasury’s forecasts of a quick return to healthy economic growth, instead warning of a ‘double dip’ recession.
And it said Labour’s broad plan to halve the deficit with spending cuts and tax rises starting in 2011 was not enough to stop borrowing rising further.
The warning came after Mr Brown defended the Government’s decision to allow annual borrowing to rise to an unprecedented £178billion and to put off spending cuts until April 2011.
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And he ran up that deficit, not in wartime when the country’s existence was threatened, but solely in order to implement a vast increase in social programmes that Labour wanted to support its tranformation of Britain. One does not hear too much of “Cool Britannia” any more, do we?!!!
Sadly, the Brits will not escape the nightmare that Labour under Blair/Brown has created any time soon. Even if the Conservatives were to win a massive victory in the next election, David Cameron is not the man to save the country. He is basically a spineless man whose views on socio-political and socio-economic matters would just as easily fit inside the Labour Party. I fear that things will have to get much worse in the UK before they get better.
I kind of like Boris Johnson myself. Maybe he can put the skids under Cameron before an election.
One can always hope.