Tuesday, March 22, 2011

The graphic truth about Labour’s economic legacy


His Grace can't quite identify every country by its shape, but this graphic makes a very persuasive case ahead of tomorrow's budget. It shows how Labour’s disregard for taxpayers’ money left the UK with the worst deficit of any country in the G20. We are now spending more on debt interest than we spend on schools, the police, or defence.

Labour have opposed over £50 billion of the Government's savings to pay off this debt. As well as undermining their own credibility (which is not difficult), their refusal to say where they would cut leaves them swimming against the tide of economic opinion. The government’s deficit reduction plan is supported inter alia by the G20, the OECD, the BCC, the IMF, the IFS, the World Bank, Fitch, Moody's, the CBI, the IOD and even Tony Blair.

As Ed Balls sits by Ed Miliband tomorrow, as the Leader of the Opposition stands up to rail against George Osborne and pontificate about 'coalition cuts', let us not forget that they both stand as a stark reminder of Labour’s legacy. Ed Balls and Ed Miliband were Gordon Brown’s economic advisers when he doubled the national debt and left us with the biggest deficit in our peacetime history. There is a considerable moral obligation upon the Government to address this fiscal crisis, and to do so with the greatest of attention to the poorest and most vulnerable of society.

26 Comments:

Anonymous Anonymous said...

Hurrah for the Coilition who ,even as I write this, if not exactly cutting anything, are at least not spending quite as much as Brown and Balls. And this sober frugality will enable them to shower money on killing Libyans with the most expensive weaponry man can devise. War is such a sure fire way of suckering the sheeple into voting for the ruling political class, that all our MPs voted for war with happy little faces, though of course they will deny it. And there were fifteen of them who will live to bless their own good sense.

22 March 2011 at 16:00  
Anonymous martin sewell said...

(Typically) Anonymous

What has been spent on the Libyan no fly zone would not even register on such a small graphic compared with Labour's DAILY interest on debt of £120m ( That is - £120,000,000.)

It is not clear how many British cruise missiles were fired but at £1.5m each it would not have been a massive hole in the defence budget. We pay for the submarine and the aircraft maintenance and staffing whether in action or simply training, so the launching represents a small marginal cost.

Your contempt for you fellow citizens is noted but unmerited. As Lenny Bruce once observed " liberals can understand anything - except those who disagree with them." He truly saw you coming.

Similarly your moral superiority is claimed but not evidenced by a better alternative to stopping the murder of his people by Gaddafi, neither do you appear to be offering a practical way of stopping the man from funding future Airliner explosions.

There is no good solution that leaves Gaddafi in power. I am comfortable with a revised plan of regime change -so what do you say should be done next?

Incidentally, I post on the basis that if I cannot put my name to an opinion I probably should not be saying it. Would you not care to follow my example, or is anonymous contempt for your fellow citizens your weapon of choice.

22 March 2011 at 16:54  
Anonymous Voyager said...

spending more on debt interest than we spend on schools, the police, or defence.

I suggest you review the Budget 1921-1937 to see a similar picture. Then 33% Government Spending was on Debt Interest and only in 1937 did any Departmental Budget exceed the Interest Bill.....it was Defence....because the new Prime Minister Neville Chamberlain INCREASED it.

That was after 13 years of Conservative Governments - now we have Defence cuts aplenty and Government Spending in 2015 will be HIGHER than in 2010, but so will TAXES.

The big increases in liabilities occurred because the BANKS ceased to make fictional profits and started to bleed the taxpayer dry. Next time you pay 24% on a Credit Card wonder how we can afford to lend to the banks at 0.5% and they still owe £300 billion by 2012 in direct cash support

Labour is a basket case, but frankly Osborne is simply raising taxes and talking it up so people do not notice INFLATION + TAXES + ROBBING SAVERS is the preferred way he has to reduce Government Borrowing

22 March 2011 at 16:58  
Anonymous Voyager said...

a practical way of stopping the man from funding future Airliner explosions

If you are thinking of Lockerbie I fear you have the wrong culprit...try Syria and Iran....and think of Gulf War I and a deal to get Syria to "help" liberate Kuwait. Ghadaffi is the fall-guy for Lockerbie.....that case is so dodgy as to be a fit-up. I do wish Negrahi could have had his Appeal and exposed the Scottish Court in The Hague for the show trial and its peculiar evidence

22 March 2011 at 17:02  
Anonymous martin sewell said...

Did you not hear Gaddafi's first 'defiant" response to attack civil airliners in the Mediteranean?

For a fitted up man he sure seems to want to get close to the suspicion of complicity. If I were innocent I would have left that one alone.

I think the politically sophisticated call that one a " dog whistle".

22 March 2011 at 17:31  
Anonymous Oswin said...

Apart from owt else, Brown sold-off over half of Britain's centuries old GOLD reserve. Selling cheap, as only that mentally gangrenous fool Brown could do, meant that by 2007 we had lost over £2 billion. God knows how much that equates at todays prices?!?!?

Worse still, during these next few uncertain years, the price of gold will escalate alarmingly, making the UK's loss MASSIVELY moreso!

22 March 2011 at 17:47  
Anonymous malvoisin said...

I think everyone on here has missed the point. It is not just Labour, it is all three main parties going all the way back to Heath taking us into the then EEC.
One wonders how the debt will be paid off? with all our Heavy industry gone, mining gone, fishing industry gone, textile industry gone, service industries very nearly gone, all the family silver, so to speak sold off, and yet we still spend billions on foreign aid i.e money to Pakistan which has a standing army of 750,000 and is a nuclear power, India, as Pakistan but with a space programme as well, China same as India, and how much did we give to southern Ireland?
Until our politicians grow a backbone and say British people come first nothing will change.

22 March 2011 at 18:18  
Blogger Bred in the bone said...

Taking the attack on Libya as a continuation of the combined Kosovo, Afghanistan, Iraq, perpetual wars for democracy.

How much has the private sector of the military industrial complex cost Britain in total.

Why does the public sector borrow money at interest from private banking to fund wars in the interest of the private sector.

22 March 2011 at 18:24  
Anonymous malvoisin said...

Martin Sewell

You state that you are comfortable with regime change in Libya because Gaddafi is murdering his own people, I agree, but why now? Why not twenty years ago after lockerbie?
Then where next China? Zimbabwe? N Korea? South Africa? where more than 3,500 white farmers have been murdered since the end of Apartheid. Perhaps we should look closer to home? Apparantly 25.000 pensioners died in this country last winter due to not being able to afford the heating, or pehaps the people who die because of the postcode lottery of drugs, do you remember DR David Kelly a hundred year gag order on a suicide?
we should get our own house in order first before we admonish other countries.
Perhaps it should be you saying what to do next?

22 March 2011 at 18:39  
Anonymous not a machine said...

As the memorable blogger stanislav the polish plumber once phrased so well long ago .the labour party slogan should be "lifting children out of poverty and putting them into debt"

I perhaps have an appology to make ,as I have been a critic of the conservative partys inability to strike the corrupt socialist on th economy where it hurts , leaving some of us angry bloggers to make the case on limited figures. if they have finally got round to understanding that not only the economy , but parliament/scoiety itself had become a progresive ponzi scheme for a liberal elite rapidly creating a dumbed down underclass of consumerist fabian cattle , then I am more than pleased they are making the case at last , although goodness knows I have many sleepless nights of despair wondering if they had "got it"

I had better offer my thanks to those that did and are fighting the good fight , with a wise heart and conscience , we so very nearly lost all that was important and truth.

22 March 2011 at 18:40  
Anonymous Voyager said...

Taking the attack on Libya as a continuation of the combined Kosovo, Afghanistan, Iraq, perpetual wars for democracy.

Perpetual wars as in Orwell's 1984

22 March 2011 at 18:43  
Anonymous Voyager said...

For a fitted up man he sure seems to want to get close to the suspicion of complicity. If I were innocent I would have left that one alone.

He says what excites his opponents....after all the USS Vincennes caused the problem in the first place

22 March 2011 at 18:44  
Anonymous Oswin said...

malvoisin and Bred in the bone both : yes, quite and without a doubt.

I make it a point seldom to 'speak in tongues' or writhe about the place with snakes and serpents, but I'll hazard a prediction here: there are bad times coming ... really, REALLY bad times; Biblically bad times!

Other than fearsome natural disasters, nuclear-contamination and marauding muslims, we can look forward to economic chaos as yet only dreamed of by those with fevered imaginations and by hardened, main-lining cheese-addicts.

I further predict: Europe, as a political and economic entity, will collapse. Most certainly, the Euro will disappear; and with it, quite a few European countries will slither hither, down the sluice.

What is more, you won't have to wait too long; it's coming to a Europe near you, sometime soon!

Predictions-R-Us (available at reasonable rates & party-bookings ...send your old gold in the envelope provided)

22 March 2011 at 18:59  
Blogger Gnostic said...

And what was the Opposition doing while Labour went about busily squandering the family silver? Cheerfully aiding and abetting of course while all were filling their pockets with our cash.

They are all guilty as sin. And they are all equally incompetent when it comes to cleaning up the mess they created. None of them are fit for office.

22 March 2011 at 19:12  
Blogger James Reade said...

His Grace shows an utter disregard for statistics and the facts. This website http://www.ukpublicspending.co.uk/budget_ukgs.php#ukgs302 makes it quite clear that we are not paying more on debt interest than schools or education, nor are we projected to by 2015.

But hey, His Grace stoops at nothing to write utter dross about the economy, usually attempting to further sully the Labour party. May not be perfect, but they didn't preside over 3m unemployed in the 1980s, nor the ERM fiasco. I'll take them over the Tories any day of the week.

22 March 2011 at 19:16  
Anonymous not a machine said...

Gnostic : I would prefer to think they were disorganised and bedazzled by the wall of spin .However lazy doesnt quite cover the corruptions that have taken place and towards the end of the Blair era there was tacit acknowledgement of his premiership , little did we know the scorched earth was in mind .
perhaps George Osbourne will have a good day .
It greaves me no end to see the same peddlars of such a runious wonk socialist ideaology , still drawing a tax payer wage for outputting the same drivel that they claimed when in office .
The missing word from the labour vocabulary may be sorry , but alas the money is the missing object in the firm hope of being able to put this right quickly.

It is diffciult to find the point where we became lost in the potential corruptions within a beaurocratic goverment , but it clearly became a norm as did outsourcing manufacturing and making shopping palaces that controlled the market and ergo our lives .

22 March 2011 at 19:35  
Anonymous Atlas shrugged said...

Oswin, Voyager, and Bred in the Bone.

You are sounding more like conspiracy theorists/realists everyday.

At this rate, and by next year you will be sounding more like David Icke then David Icke.

My advice is DON'T PANIC. Not because there is nothing to panic about, because there most surely is, but because panicking will not help the situation one tiny little bit.

Buy a gun, and a farm if you can, lots of barbed wire, and of course at least a year or twos food supply, then hold tight, it is going to be a bumpy ride. In other words remember your boy-scouts motto.

You may not need any of these things, but it is best to be prepared for all possible eventualities.

22 March 2011 at 19:39  
Anonymous berserker-nkl said...

There's a lot about Enterprise Zones from the Tories today. They have a history under Thatcher and have produced a few white elephant 'units' and the ones that did fill up with workers dragged them in from elsewhere.

The ruinous Labour policies also included Enterprise Zones but they were called: Creating non existent jobs in the Public Sector for our friends oop North!

As I have said before, the Conservatives were strangely colluding in the Great Bank Madness.

22 March 2011 at 20:08  
Blogger prziloczek said...

I also read John Redwood.
The Civil Service is actually recruiting bureaucrats. There is going to be more not less government spending.
What a load of rubbish all this austerity really is!
We are carrying on just as before.

22 March 2011 at 20:41  
Anonymous martin sewell said...

Malvoisin- hmmm ... Bad neighbour in French?

I wish we were good enough neighbours to " interfere " and depose the likes of Mugabe but a) it's not practical to do everything b) the " peace" crowd would make noise from here to eternity.

" No man made a bigger mistake than he who did nothing because he could only do a little." Edmund Burke. We truly
need to know the true strength of our heritage - however much the liberal tendency would rather forget because they so often show up the poverty of intellect amongst angst ridden progressives.

22 March 2011 at 21:00  
Anonymous Sage said...

The Labour Party left the economy in a huge mess. The Government now needs to spend less and tax less to get the country's finances in order.

22 March 2011 at 21:59  
Anonymous Oswin said...

Atlas shrugged @ 19:39 :

A nice try, but ...

I wasn't forwarding any sort of a theory; but yes, it's my ''David Icke'' type prediction. If I'm wrong, I'll buy you a banana.

As for your kindly and useful suggestions, I've done that already ta. Dib dib!

Ps. Have you seen the price of barbed-wire these days???

22 March 2011 at 22:12  
Blogger Gnostic said...

not a machine said: Gnostic : I would prefer to think they [Tories] were disorganised and bedazzled by the wall of spin.

No they were, and still are, stupid, gullible, venal and incapable of foreseeing that their careless and unreasonable actions can have the direst of consequences. For example they voted for that suicidal Energy Bill because they are collectively incapable of checking facts and asking hard questions. The words criminal and negligence spring to mind.

And now the cretins are in office, demonstrating the fine art of not learning from (very recent) history...

23 March 2011 at 08:03  
Anonymous Oswin said...

Gnostic: how about the words: 'amateurs, fools and bunglers' too?

23 March 2011 at 18:08  
Blogger apodeictic said...

His Grace can't quite identify every country by its shape?

Here is my attempt from left to right:

1. the UK, 2. the USA, 3. Japan, 4. India, 5. France, 6. South Africa, 7. Germany, 8. Canada, 9. Italy, 10. Australia, 11. Argentina, 12. Mexico, 13. Turkey, 14. China, 15. Russia, 16. Indonesia, 17. Brazil, 18. South Korea, 19. Saudi Arabia.

23 March 2011 at 22:14  
Anonymous Tony B said...

>and to do so with the greatest of attention to the poorest and most vulnerable of society.

Ho ho ho, as if.

24 March 2011 at 07:09  

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