Friday, 18 July 2008

Gordon Brown sets out to destroy the economy for Cameron.

Gordon Brown knows (just like the rest of us) that his (and his party's) days in power are numbered. Because Brown has made a complete mess of our economy he is faced with only one choice: He must carry on with (or speed up) his incompetent policy of spend, spend, spend, borrow, borrow, borrow, if Labour are to regain power within the next decade. Brown will leave a financial wasteland for the Tories to inherit. To start the ball rolling in his Scorched Earth campaign we have had the hint that the government are planning to relax their fiscal rules - in other words they have failed to save for a rainy day and are now going to run the economy into the ground and bury it in a mountain of debt. Fraser Nelson over on the Spectator Coffee House blog describes the situation perfectly:
Brown has realised that if the Tories win the next election, he is now spending with Cameron’s Gold Card – every by-election bribe, every union sellout will be funded by borrowing with the bill sent to D. Cameron Esq. Cameron will have to tax us to pay for what Brown is today spending.
It certainly looks as though Gordon Brown may have overplayed his reputation of economic genius for the last 11 years. We are slipping into economic meltdown and what do we have to show for 11 years of the maestro's work? Well Sky News tell us that:
Public sector net borrowing for the first quarter of 2008/2009 was £24billion, the biggest quarterly figure since records began in 1946. Figures released by the Office for National Statistics today also show that public sector debt at the end of June stood at 38.3 percent of GDP, the highest since July 1999. The fiscal rules were laid down by Mr Brown as Chancellor when Labour came to power in 1997 in an effort to assure the party's reputation for economic competence. But with the Government predicted to face a £8bn tax revenue shortfall because of the current economic downturn, it appears they will be breached soon. Sky's political Correspondent Niall Paterson said: "Gordon Brown is faced with a tricky situation... an estimated £8bn shortfall in tax revenue. "He appears to have two options - raise taxes, unpopular at a time of economic slowdown, or declare that the economic cycle is over and rewrite the fiscal rules."
And let us not forget the Government's borrowing which they have conveniently failed to add to their figures. To put this in the simple terms of your typical household: Your outgoings are greater than your incomings, you can't afford to pay the bills and you are going to lose the house. Sounds bad? Well not for Brown it doesn't, because he is just going to hand the whole mess over to the Tories and join Tony Blair in the millionaires club.


Anonymous said...

When he finally bankrupts britain, then they'll dangle the euro and say it is the only way out.
The scots nats will say scotland has no need for this pain that a scottish mp has created and they'll sod off withe oil.

Mulligan said...

This could be good news, given our glorious leader's habit of everything he attempts actually delivering the opposite result.

Wolfie said...

That was precisely my conclusion on seeing that headline in the press this morning. Seems much of a replay of the late '70s of my youth.

I knew it would end like this in '97 but everyone wanted a glamorous leader. Well they got what they bloody deserved.

Anonymous said...

Oh no ! it might mean we cant shovel all that money to the EU.

John M Ward said...

There are even some commentators who think we may end up going to the IMF. Been there, done that, years ago...

Then again, perhaps they mean the Impossible Mission Force. I can see it now: "This country will self-destruct in five seconds!"