That’s what George Osborne did yesterday. He wasn’t buying votes of “target groups” in the General Election with his money, he was buying it with your grandchildren’s money.
A pensioner with savings? You could save a few hundred quid a year on your interest. Young person wanting to get on the housing ladder? Get some extra interest when saving up for a house deposit. An apprentice or minimum wage earner? Get boosts to your pay thanks to George. Enjoy a beer down the pub? A penny cheaper.
All admirable aims, but all bought with “Other People’s Money” and possibly not people even born today. Here’s what Nigel Farage said about it:
“Mr Osborne talks about a long-term economic plan, today he pushed all his targets back and created a long grass economic plan.”
And here’s what UKIP’s Economic Spokesman Patrick O’Flynn said:
“The Chancellor would also have won himself more respect if he had acknowledged his failure to deliver on his pledge at the start of the parliament to have eliminated the deficit by the end. A £90 billion deficit in the final year of this Parliament represents a massive failure of Government policy.”
George Osborne boasts about halving the deficit. In the last full year of a Labour administration the deficit was £156 Billion. This year it is heading for £91 Billion. My calculator makes that 58.3% which isn’t a half, it’s nearer to three-fifths if we’re doing fractions.
Osborne has also tried to fool a lot of people into thinking that reducing the deficit to zero is solving the debt problem. Just to make sure that everyone reading this understands the meaning of the word deficit, it’s the amount your DEBT increases each year. When Osborne inherited the Treasury from Alastair Darling, the national debt was around £900 Billion, now it’s close on £1.5 Trillion, a massive 67% increase. (Finding sources that agree on these sums is difficult, hence the round figures)
Osborne waxed lyrical about percentage of GDP, but the 2010 figure was 62% of GDP, it is now 80% and still rising. He also boasted about increased wealth in the UK under his watch, but it has only done so through the additional economic activity of migrants. Most people feel poorer, albeit there have been some recent wins with food and fuel prices falling, but nothing he can take credit for, merely falling world commodity prices.
The debt is frightening. £23,500 per man, woman and child alive today, increasing at £250 million a day, £4 a day for each of us!
Of course, George has one arm tied up behind his back. His dear leader wants to keep us in the European Union, costing us £19 Billion a year gross, £10 Billion a year net. He wants to pump 0.7% of our precious GDP into Foreign Aid, to spend money we have to borrow, much of which probably ends up in numbered Swiss bank accounts. He wants the vanity project of HS2, and he hasn’t had the bonfire of the Quangos he promised.
However, UKIP can find “quick wins” in all these areas to wipe £30 Billion from the budget at a stroke, killing a third of the deficit painlessly (for UK citizens). On top of that we would be able to look at other areas for big savings, unencumbered with the political correctness of “global warming” and “multiculturalism”.
To Believe in Britain, to believe our country can get itself out of debt within a generation, we must believe that UKIP can win a substantial number of seats on 7th May, perhaps moving onto forming a government at the subsequent election… whenever that is, 2020 or sooner.