People in Britain cannot surely still subscribe the left wing notions of financial irresponsibility that have brought us into such a mess. Yet opinion polls suggest that they still do. It’s only a case of how much punishment they want. Keep voting Labour. Keep getting shafted.
Tim wrote – Boris Johnson, the Conservative Mayor of London, on Sunday urged the Treasury to be more flexible over spending cuts, suggesting that the risk of Britain facing a credit rating downgrade had receded.
Once the consequences to the high debts is out of the news, it’s all over, I guess. Brush it under the carpet and it’s gone. Not quite.
As Patrick says, the total of government spending is still rising. Imagine where spending would be now under a Labour-led regime.
It should be remembered that unless the debts actually start to reduce in the current account (£150 billion per annum, excluding sums allocated to bank rescues and assuming revenues don’t fall, which is another point), only then will lenders want to continue lending to us longer term.
We will need bond rates at 3% to replace expiring gilts, let alone fund new capital spending projects to help lift the economy out of recession, things like Cross Rail, ‘Boris Island’ airport etc. Only if we are seen as acting responsibly fiscally will we stand a chance. The days of easy loans to governments have gone. The world is now on watch.
It is simply not permissible any longer to spend taxpayers money on up to 1 million public servants and others who are, and were from the day they were hired, superfluous to requirements. The fault is with Labour’s gross irresponsibility for offering so many non-jobs to build a client state, which was intended to be a key plank of an election-fixing strategy.
The cuts won’t need to touch many services, just get rid of the lairs of unnecessary jobs, which hold back those actually teaching, nursing and policing. We need the cuts not to hurt services, but to improve the quality and responsiveness of the services by getting decisions taken where the work is being done, not by remote, overpaid, arrogant, uncaring, greedy, Labour-loving quangocrats.
The return of these in many cases highly skilled individuals to the private sector will boost the country’s output and productivity, and help create the jobs needed to rebalance the economy, and feed revenues which have fallen from £606 billion in 2008 to well under £500 billion today.
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