Imagine you came home from work each day and told your family you had that day borrowed another £20, and that you had been doing it every day for the last year, and had yet to repay a single penny of it?
Moreover, you had no real idea when or how you would make good on the debt.
Well, that is what our Government is doing at the moment. This year and next year, the Government will borrow more than it did for the 200 years (yes – two centuries!) prior to Gordon Brown becoming Chancellor. The Government is set to borrow £175 billion this year. It is spending £4 for every £3 it is taking in in taxes.
This is an insane way to run the country, and we need the Government to get a grip on its finances. Today’s borrowings mean taxes in the future, and it is just not fair on our children to expect them to have to bail us out.
Britain is in a debt crisis. The answer cannot be more debt. The British people recognise this. Since January 2008, new consumer debt in this country per household has fallen steeply, from £11.11 a day to just 34 pence now.
In the same time, new government debt has exploded, from £3.65 per household per day to £18.44 – up by a factor of five.
So, the British people get the message that it is time to cut spending and repair the family finances. It is time that our Government did the same.
