I am horrified that our further debt is dependent on growth figures which the city says are over-optimistic. I resent this Labour Government’s cowardice for ailing to address the very necessary cuts in public spending. I am furious that they have neglected the need to overhaul the regulatory system.
The Chancellor announced that he would be borrowing £606bn over four years. That is more over the next two years than every previous Government put together, more than every Government since the Bank of England was first founded more than 300 years ago.
As the Labour MP Frank Field wrote on his blog, ‘’From the very start of the crisis the Government has consistently underrated its severity...Britain will proportionately be borrowing more than any other G8 country....worse is the outlook if significant increases in the long term rate of interest still do not attract the necessary loans to balance this year’s books. That could lead to a run on sterling.’’
But the moment I realised the extent of this nightmare was when I saw the smirks on the faces of Brown and Harman who sat each side of Darling. When he announced that the upper tax rate was to be increased to 50%, they could not contain themselves. Like all Labour governments before this one they vindictively rejoice at penalising the successful in ignorance that they are quashing enterprise and international investment in the UK and thereby punishing us all.
