"Britain faces another 10 years of austerity as the government struggles to repair the country’s battered finances, a hard-hitting report warns today.
The vast deficit racked up by Labour will not be eliminated until after 2020 and possibly not until 2023, according to the Centre for Economics and Business Research.
The report also warns that Britain will be stripped of its coveted AAA credit rating as the national debt spirals further out of control. ......The last Labour government borrowed a record £159 billion in 2009-10 as the financial crisis struck and the economic boom gave way to the biggest bust in living memory. .....The national debt was just £200 billion 20 years ago and around £300 billion 10 years ago.
But it spiralled to £800 billion under Labour and is set to hit more than £1.5 trillion in the next five years - or £60,000 per household in Britain.
Ruth Lea, economic advisor to the Arbuthnot Banking Group, said: ‘The public finances are truly dire. Public sector net debt is continuing to increase at an alarming rate. Britain’s AAA rating must be regarded as vulnerable.’