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Topic History of: One reason why we're £163 billion in debt - thanks to Labour
Max. showing the last 5 posts - (Last post first)

Author	Message
In The Know	Civil service chiefs lodged formal protests at spending decisions by Labour ministers in the dying months of their rule, the BBC has been told. It culminated in the "nuclear option" of demanding written instructions from their political masters, union leader Jonathan Baume said. There was dismay at Labour's use of public finances, he added. from - news.bbc.co.uk/1/hi/uk_politics/8690312.stm
In The Know	George Osborne has warned failure to tackle the UK's record deficit could be "disastrous" and said plans for £6bn cuts would be announced next week. The new chancellor also set the date for an "emergency Budget" for 22 June. And he pledged to hand responsibility for economic forecasts to a new body to make it harder for governments to "fiddle the figures".
In The Know	BR wrote: Labour basically did what we all do when in a financial mess....kept spending in the hope that one day things would improve. That is how some people get into hundreds of thousands of debt. The problem with doing this as a Government is that eventually the PEOPLE of the country have to pay for your spending. Brown now can swan around earning millions as a financial consultant and giving speeches. The rest of us will find that the economy is going to be squeezed even HARDER than it has so far in order to save money. Quite right, BR Labour were hoping that by keeping spending they would be able to "buy" your vote, and then bring in the cuts AFTER they had been re-elected. Remember all those "promises" (pre-election) about no cute ("yet" ?) The British people saw through this sham (but will still have to pay for it).
BR	Labour basically did what we all do when in a financial mess....kept spending in the hope that one day things would improve. That is how some people get into hundreds of thousands of debt. The problem with doing this as a Government is that eventually the PEOPLE of the country have to pay for your spending. Brown now can swan around earning millions as a financial consultant and giving speeches. The rest of us will find that the economy is going to be squeezed even HARDER than it has so far in order to save money. If we dont pay our debts then other suppliers will cut off those supplies. Civil Servants and public sector workers wont work for nothing. People on benefit would soon moan if they did not get their benefits and would all be on the street if housing benefit was not paid ( Millions of them ) The system is held together by sticky tape. The system also is self supporting - if one part goes down it pulls alot more with it. That is the best hope we have of coming out of this eventually. The painful bit could last 10 years unless there is a big war or boom ( unlikely ) The 90s recession lasted about 7 years and the 80s recession from 1979 lasted until around 1985/86. Therefore 2015/20 is about when we get back to good stable times.
david	ITK my friend knows what he is talking about. I do not like Nu Labour either, but regarding the man I know who I quoted above, who owns and co-owns companies in the UK and abroad, a good friend- a floating voter- personally I trust his opinion above yours.