In the BBC QT debate, the moment that Ed Miliband carried on denying the truth about Gordon Brown’s overspending was the moment he lost the audience, the debate, and possibly the election. The wrath of Tory voters insisting voters could never trust Labour over the economy again scalded the Labour leader in a burning lava of humiliation.A business owner asked Ed why she should trust a Chancellor who joked about the debt left by Labour, if he worked in private industry, he would be sacked. Ed’s reply wasn’t good enough. The question of Gordon Brown’s overspending was raised several times, here by a very upset and angry Tory voter.
But it is this article by Fraser Nelson that explains how and why Gordon Brown ran up so much debt. This is article is simply written and dazzling in its clarity.
With apologies to Fraser Nelson, I have summarised a few points:
WHY: Gordon Brown wanted to achieve the Europeanisation of the British economy.
HOW: Gordon raised the size of the state from 37% to 50%, a faster rise from any country, over any postwar decade.
WHAT WENT WRONG: He couldn’t squeeze enough tax to do it, so he embarked on massive borrowing. He borrowed like crazy during the boom. Our finances were in a terrible state when the world crash hit.
Fraser Nelson says “By the time Lehman Bros collapsed, Brown had already increased Britain’s national debt by 43 per cent to fund his expansion of the state. He was already running up massive deficits: there was no deficit in 2000/01 but Brown (and his lieutenants Balls and Miliband) were running up a bizarre boom-time deficit of 3pc of GDP by 2005/6, the maximum allowed under EU rules. Brown’s ruinous profligacy defied every rule in the book of financial management.”
I urge you to read every word of this brilliant article. It was the grandiose vision, that Gordon arrogantly intended to force on the British nation that was the cause of our undoing.