Saturday, 19 May 2012
Cuts? WHAT cuts? Ignore the BBC and the Left, public spending is HIGHER than under Labour
Daily Mail "The trouble is that it isn’t. Earlier this week, the City bond trading firm Tullett Prebon produced a report that confirmed what some of us have been saying for months. To all intents and purposes, there hasn’t been any overall cut in public expenditure in the two years since the Coalition came to power. ....Meanwhile, our national debt — what we owe as a nation — continues to soar. According to International Monetary Fund projections, it will increase faster over the next two years than any other leading European country apart from Spain. Proportionate to the size of our economy, our debt is one of the two or three highest in the developed world. When the Coalition took over, it stood at a stonking £1,002 billion. By the time of the next election, it will have risen to an unbelievable £1,613 billion. Using figures produced by the Office for Budget Responsibility, the Tullett Prebon report shows that Government expenditure in 2011-12 was still £22.6 billion, or 3.4 per cent, higher than it was in 2008-09 after nearly a decade of bingeing by the Labour government. That’s how far we have got! And while it is true that the deficit has been reduced — from £140 billion in the first year of the Coalition to £120 billion in the second — this has been achieved almost entirely as a result of higher taxes rather than cuts."
Posted by ItsFairComment at 20:39