How True Are Cameron’s Figures?


David Cameron’s speech based its figures on projections made by the previous government. The figures are shocking enough showing that £70 billion will be required to cover interest payments in five years time.

But that’s not the clincher. The clincher is that the figures provided by the previous government are incorrect. Cameron explains –

Last year, our budget deficit was the largest in our peacetime history. This year – at least according to the previous government’s forecasts – it is set to be over 11 per cent of GDP.

Today, our national debt stands at £770 billion.

Within just five years it is set to nearly double, to £1.4 trillion.
That is some £22,000 for every man, woman and child in the country. We knew this before.

Soon, the independent Office for Budget Responsibility will set out independent forecasts that will show the scale of the problem we are in today.

For the first time people will be able to see a really independent assessment of the nation’s finances and the size of the structural deficit.

It sounds to me that the situation is worse than that claimed by Brown and Darling, as I had been suggesting here on The Tap. How much by? We will find out(possibly) soon enough, or, at least, however soon ‘soon’ means.

I still have the sneaking suspicion that Cameron might prefer not to reveal the full extent of Brown’s deceptions, as part of what he is trying to achieve is win the confidence of markets. We might only find out the completely true picture once the financial crisis is over in about five years time. Brown’s lies will be inherited along with his finances.

The Tap Blog is a collective of like-minded researchers and writers who’ve joined forces to distribute information and voice opinions avoided by the world’s media.
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7 Responses to “How True Are Cameron’s Figures?”

  1. Anonymous says:

    I’m not as educated as you so I have to read people in order to understand what they are saying. What I got from his speech (the one he made in front of those books) was a story about how bad things are having seen the real figures for myself.

    He stuttered once or twice, misread his script – not like him to do either. I think you’re right Mr The Tap Blog, Cameron is hiding something, the horrible truth is this country is so broke and indebted the markets would kick us over the fence tomorrow.

    It was all there if anyone cared to look.

    Steve

  2. tapestry says:

    Niall Ferguson stated that he believed the borrowing figures were far worse than Labour were saying, let alone projections.

  3. Anonymous says:

    Mr Ferguson is good, I saw the TV series he made. Didn’t understand it, I left school at 15 so again I read the person and he came over as well-informed and honest.

    Take two people, both highly educated, one a politician the other a professional of some sort. If they both have words to say on the same topic but you haven’t been told which one is which you can easily spot the politician.

    Politicians only tell the truth when they’re lying.

    Steve

  4. tapestry says:

    If the figures are massaged, I’m not saying Cameron’s misjudged the situation. I doubt many are telling the truth around the world right now, hoping to get away with their tricky little deals done in the boom time.

  5. tapestry says:

    Keeping quiet pays off according to the FT.

    Hungary and France should copy Cameron’s brevity on detail.

  6. Anonymous says:

    Therefore it pays to keep schtum. Thank you.

    Steve

  7. tapestry says:

    Future intentions are more important than past misdemeanours. No politician will tell the complete truth. I am not a politician, and will form my version of events from what I see.

    The key to our longer term economic health will be our growth rate.

    The key to that will be getting out of the EU and getting rid of all the bullshit that bogs us down.

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