B0ycey wrote:Funny you write this. I fully expect a similar letter from the Chief Secretary of the treasury after BoJo has pulled us out of the EU, crashed the economy and loses the forecoming general election.
You can blame Labour for spending all the money if you like. But if you knew anything about the 2008 crash you would know that it was the bankers that fucked up the economy not the politicians for once. All the politicians did was bail them out because we rely heavily on the finance sector for our GDP.
Well, that's the funny bit, the difference bewteen the Tories & Labour.
The Tories trumpet their ability to manage the financial affairs of the nation & they do what they do according to their ideology.
Unfortunately, a Party that is supposedly 'pro-business'(one of Gordon BROWN'S mantra's to the CBI & IOD)the reality is in stark contrast.
When they took power in 2010, they hit the ground running in pursuit of 'welfare reform' , euphemism for 'austerity', a thinly veiled velvet glove on an iron fist of fiscal rectitude & savage cuts in public spending.
Now, this is the funny bit, despite the false reputation, when they took office, the national debt was just £500 BILLION, but, by 2022 the national debt will exceed £2 TRILLION, four times what it was when Labour were in power last,so, it appears that their reputation precedes their abilities.
As for the deficit being cut, that was supposed to have been eliminated 5 years ago, but that policy, paid for by spending cuts AKA austerity, was paid for by those who have had their incomes reduced through deliberate government policy & the proceeds have gone to the rich & better off by way of tax cuts.
Thats why eliminating the deficit is taking much longer(because it deflates demand in the economy), but, it's also worth noting,the Pound has slumped in value with inflation exceeding growth for every year they have been in power, productivity has slumped(it would do with mass migration added to the workforce without a corresponding increase in productivity), hence why living standards & poverty has vastly increased.
No, their economic competence is zero.
The Tories use V.A.T increases to hit the poorer members of society, in addition to cuts in their incomes, higher rents, ctx increases & many other increases designed to shift money from those least able to afford such treatment to those whom the Tories favour.
Labour have had a more favourable record on V.A.T rises, that tax is a spending tax that increases the cost disproportionately onto the backs of those on the lowest incomes, whereas the rich or better off always have the money to pay the tax without it affecting their ability to spend.