What a totally disgraceful and pathetic pre-budget report I’ve just had the misfortune to sit through this afternoon. It is difficult to get one’s head around the levels of borrowing that Chancellor Alistair Darling will now be running up as a result of this Government's incompetence in handling the economy over the last few years.
£78,000,000,000 in extra borrowing in this financial year, plus
£118,000,000,000 extra borrowing in the financial year 2009/10, plus
£105,000,000,000 extra borrowing in the financial year 2010/11
At this rate it could soon add up to a big number!
And who pays the interest on these enormous borrowings? Me, you, and for many, many years to come, so will our children. Yes we are spending as if there is no tomorrow and our children will have to pick up the tab. To the next generation we leave all our worldly debts!
Perhaps you are cheering the 2.5% drop in VAT? Last week Marks & Spencer had a 20% sale yet I stayed at home. Debenhams had a 25% sale over 3 days last week and still I stayed at home. Now Mr Darling is expecting me to rush out next week on a personal spending binge once all the poor retailers have had the time to change all their prices to reflect a 2.5% reduction in VAT. Yeah right! Perhaps he wanted to reduce it further but the European Union doesn’t allow their EU regional governments to set the standard VAT rate below 15%.
There are lots of handouts of child benefits and extra payments to pensioners paid for by an increase in the tax on jobs – National Insurance.
Last week two Scots apologised and resigned due to the parlous state into which they had got their organisation (the Royal Bank of Scotland). It is too much to hope that the ultimate incompetent Scottish duo – Brown and Darling – will now have the decency to do likewise and call a General Election!