- The entire industrialized world is facing insurmountable catastrophic level of debts. The Illuminist banksters are telling us we need more debts to solve this debt problem. What they are really working towards is a total global financial meltdown!
Never mind Greece – look at BRITAIN’S deficit
By Daniel Hannan , http://www.telegraph.co.uk/
Anyone feeling smug about the Greek crisis should take a quick dekko at our own statistics. Spending in April and May was 4.1 per cent higher than during the equivalent period in 2010. Government borrowing was £27.4 billion, up from £25.9 billion the previous year. This additional debt comes despite a series of tax rises: VAT, fuel duty, income tax and National Insurance have all gone up.
In other words, despite everything we keep reading about “the cuts”, spending and borrowing are both higher now than they were under Gordon Brown. Since the Coalition took office, our national debt has increased from 53 to 61 per cent of GDP.
Not that ministers are wholly to blame for these figures, of course. Labour bequeathed a country in recession, with falling tax receipts and rising social security payments. A large part of the increase is accounted for by the interest payments on the debt racked up during the wastrel Brown years. Most of the rest has gone on overseas aid, healthcare and a whopping 74 per cent net increase in our contribution to the EU budget.
Still, it’s worth remembering that some of our bailout money is going to governments with smaller deficits than our own. Can we afford, in the circumstances, to borrow a further £12.5 billion in order to prop up a currency which we declined to join?