Tuesday, November 25, 2008
Brown's Borrowing Binge
The legacy of a decade of Labour and Gordon Brown is that Britain is worst placed amongst major economies to weather the economic storm.
Yesterday Labour embmarked on a massive borrowing binge which will leave the country more indebted that at any time in history. With national debt set to exceed a trillion pounds Brown will borrow more than Dennis Healey did before he went cap in hand to the IMF and more than Winston Churchill during the Second World War. Gordon Brown will next year alone borrow in excess of £100b and more than the entire NHS budget.
The country now faces huge unexploded tax bombshell with taxes set to rise dramatically in the future to pay off Brown's debt mountain; rises in national insurance, income tax and car tax.