Frank Field MP
"The potential threat facing the country is as great as the actual one was in 1940. The country needs to be roused to the challenge that faces it. ....It is vital that politicians and the media move on from the bread and circus agenda of MPs' expenses and get real. The big issue confronting the country is whether it can raise huge, unprecedented shedloads of debt. .....Even on the Government's own figures, Britain will proportionally be trying to borrow more money to balance its accounts over the medium to long term than any other G8 country.
...The markets are already showing some nervousness as the Government sets out to raise a record £220bn of loans this year. It costs more, for example, to insure against the Government defaulting on its gilts than it does, say, to insure against Cadbury's being unable to redeem its company debt.
If the Government has difficulty in finding the necessary borrowers there could be a swift collapse in our currency bringing economic chaos in its wake. If this scenario is allowed to develop the Government will be forced to slash and burn public expenditure projects."
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