Tuesday, 29 December 2015

The Tories failed promises - Debt

The one figure the Tories haven't yet managed to manipulate is debt ... They promised to eradicate it in one term .....they FAILED. Oh no sorry that was deficit but doesn't matter they FAILED to do that as well.

They've now promised to eradicate it by 2020 they will FAIL. By 2020 it is projected that the national debt will be £1.78 trillion. [More Here]

They lost the UK its Triple A rating, meaning all interest on debt went up at a stroke. 

Currently UK debt is £1.6 trillion and growing at a rate of £5,170 per second. Osborne borrowed more in 4 years than Labour did in 13. 

The debt was £800 billion when the Tories took over, the Tories have more than doubled it. So in these times of austerity where is this money going? 

Please someone tell me, with all the cuts being made, how the Tories have managed to spend more than ANY UK government in post war history and please don't insult any ones intelligence by saying its in any way Labours fault.

Its interesting to note the history of national debt the figures don't lie [More Here]  
The other thing to remember when the UKs debt was at its highest the Labour Government started the NHS we wouldn't have an NHS if the Tories had been in power at the time.

Source http://www.economicshelp.org

Or the more accurate percentage of GDP

Source http://www.economicshelp.org
The common myth spouted by the Tories is that Labour created the debt by overspending. One word answer RUBBISH and here's why....

The banks created a world crash by investing in bad debt basically gambling with our money. 

Gordon Brown has been widely credited for his prominent role in the G20 rescue operation for the world's economic and financial system in the face of the crisis of 2007-2008, and less wisely credited for delivering the British economy to the Conservative/ Liberal Democrat Coalition in much better shape than they ever acknowledged. [More Here]

Most of the deficit was the result of the impact of the banking crash on tax revenues, and on government spending, as unemployment rose. Brown's strategy was that both the UK and the rest of the European economy needed to grow out of the depression, and that it was vital not to cut back on the expansionary fiscal policy until recovery had been evident a lot longer than a few months.

Instead, the Coalition wildly exaggerated the scale of the ' problem' and introduced a policy of austerity which dampened those 'animal spirits' of businessmen. The UK then experienced three years of what shadow chancellor Ed Balls termed 'flatlining' , followed by the slowest economic recovery on record. What is more: this sorry state of affairs has meant that even the theoretical justification of it - the target of eliminating the deficit within the lifetime of the 2010-15 Parliament- will manifestly not be achieved. [More Here]

And it wasn't and probably wont be by 2020 either.

United Kingdom: National debt from 2010 to 2020 (in billion pounds)
The UK’s Government Debt since WW2
The history of the NHS in England
The history of Britain's national debt
Osborne increases debt more than Labour did over 13 years
Finally! Exposed! The Deficit Myth! So, David Cameron When Are You Going to Apologise?
UK National Debt
Gordon Brown Saved Britain... and May Even Have Saved the World

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