‘We act now to fix the roof when sun is shining. I’ll introduce new fiscal framework with permanent commitment to run surplus in normal times.’ George Osborne blithely tweeted this when he was still Chancellor last year. Now the extent of his selfishness and incompetence is revealed. The UK national debt grows at a rate of £5,170 per second.
It totals £1,781, 601,972,500 at this second, but is zoinking upwards as I speak.
The extent of our indebtedness is truly scary. Journalist Peter Oborne says: “Britain would be in far better economic shape if Mr Osborne’s much-vaunted ‘Plan A’ to rein in spending and borrowing had done what it was supposed to do.
Well, the fact that the debt even now is £1.7 trillion shows that he certainly did not fix the roof: we are currently spending more on servicing our debt than we are on transport or defence!”
Mr. Oborne continues later: “Perhaps the problem was that he was always an intensely political Chancellor, with one eye on his own burning ambition of getting to No 10.
For that reason, while he did instigate departmental cuts in government and tried to tackle the vast welfare bill, he was never willing to go far enough because it would make him so unpopular.”
It is not only Osbo who has bought off the public for the sake of popularity. Gordon Brown and Ed Balls hoiked up the national debt to just under a trillion pounds.
Let’s be honest. The Chancellor with the courage to tackle our debts in the way they should be tackled would be hated so badly, he would be burnt in effigy on every street corner on a daily basis.
“Now Mr. Hammond is trying another approach, says Oborne, but it’s one I fear will only exacerbate the mess his predecessor left behind.”
But Osbo thinks he might return to public office. What are the chances? On the bright side, probably better than Tony Blair’s.