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Gordon Booth · 05-08-2010, 13:51

Mancie, face the facts.When Ken Clarke announced his budget in 2007 we had a healthy budget surplus and a healthy economy. The budget was so good Gordon brown adapted it and followed it for 2 years.Remember his Golden Rule-'This government will only borrow to invest,current spending will be met from taxation'.That didn't last long as the next election approached.By 2006 the EEC commision was warning us that with a world recession happening we couldn't continue to borrow more than we earned(only Hungary in the whole EEC was in a worse position.).By June 2007 our deficit for ONE month only was 10 billion. By June 2008 it was 15.5 billion for that month.And the banks hadn't even started to pile straws on the camels back by then. We were already broke,even if the bank disaster hadn't happened.The next government,whatever party, would have had to start cutting back.Add the bank mess on and you have to accept that EVERY pound we spend we have borrowed from someone else-and they want to be sure they'll get it back or the interest they charge will finish us for the next 50 years.We're worse than a third world country now,most of them aren't in hock as badly as we are.

05-08-2010, 13:51	#13
Gordon Booth Senior Member+ Join Date: Jul 2010 Posts: 2,402 Liked: 715 times Rep Power: 46614	Re: Cuts and yet more Cuts.. for who? Mancie, face the facts.When Ken Clarke announced his budget in 2007 we had a healthy budget surplus and a healthy economy. The budget was so good Gordon brown adapted it and followed it for 2 years.Remember his Golden Rule-'This government will only borrow to invest,current spending will be met from taxation'.That didn't last long as the next election approached.By 2006 the EEC commision was warning us that with a world recession happening we couldn't continue to borrow more than we earned(only Hungary in the whole EEC was in a worse position.).By June 2007 our deficit for ONE month only was 10 billion. By June 2008 it was 15.5 billion for that month.And the banks hadn't even started to pile straws on the camels back by then. We were already broke,even if the bank disaster hadn't happened.The next government,whatever party, would have had to start cutting back.Add the bank mess on and you have to accept that EVERY pound we spend we have borrowed from someone else-and they want to be sure they'll get it back or the interest they charge will finish us for the next 50 years.We're worse than a third world country now,most of them aren't in hock as badly as we are.