Labour caused financial crisis
CHRIS Leslie, who boasts "it's easy to make a list of coalition damaging choices", might have more credibility if he also listed Labour's damaging choices. Near the top would be the choice to go on a spending splurge resulting in a deficit of around £150 billion.
What Labour apologists ignore is that this deficit is not a one-off but a recurring annual figure, which increases the national debt. It seems Labour would accept this deficit in 2010 before reducing it by half over the next four years.
So in 2010 around £150 billion of unfunded deficit would be added to our debt. Then, for each year until 2014, the deficit would reduce by £18.75 billion (£150 billion halved and divided by four years) so would be £131.25 billion in 2011, £112.50 billion in 2012, £93.75 billion in 2013 and £75 billion in 2014.
Thus, adding those deficit figures together, Labour would increase our national debt by £562.50 billion.
After that the annual increase would be £75 billion. That debt would be financed by borrowing, which even at current levels costs us £45 billion a year in interest.
That, rather than what Mr Leslie calls "the ideological desire to shrink the public sector", is why the coalition has to make drastic cuts.
DOROTHY WILSON Main Street Willoughby-on-the-Wolds
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by Beak, Notts
Saturday, September 11 2010, 7:26PM
“Make that write!!!”
by beak, Notts
Friday, September 10 2010, 10:42PM
“What is more sad it idiots like you believing what you right! Grow up!”
by Ted Mc, Notts.
Friday, September 03 2010, 5:32PM
“Tory voting was a question based upon the knowledge that affluent areas tend to be Tory voting areas.
It's a case of self interest, vote for those who look after the richer people in society.
I do think it's a little sad that I have to explain the obvious to you.”
by Beak, Notts
Friday, September 03 2010, 7:01AM
“Haha. Now who is biased? Tory voting? You can't be taken seriously.”
by Ted Mc., Notts.
Friday, September 03 2010, 6:14AM
“We should have reduced the debt during the good years, yes that makes sense so I wonder why none of the leading economies took that approach?
I wonder why they ALL had a larger debt%GDP than the UK?
Why not put the balme where it belongs? i.e., the million pound bonus taking (Tory voting?) so called professionals who were entrusted to work in the unregulated international financial markets but who were apparently more concerned about their bonuses than good financial practice.”
by Beak, notts
Thursday, September 02 2010, 9:10PM
“What we can't understand is the fact that you can't seem to grasp, even though your leader Tony Blair can, that Labour should have made sure Britain was is the best possible position to handle the recession. As Gaffers says (and Blair) the boom years were the time to balance the books and they didn't.
You accuse everyone who disagrees's with you as biased. Have you noticed no one actually seems to agree with you (except Mr S and he doesn't count!!)
Tony Blair has blown you out of the water with a few honest admisions! How apt!”
by Gaffers, .
Thursday, September 02 2010, 9:02PM
“Oh and cause you deliberately ignored it......
ps your view that no one knew it was coming it frankly ridiclous.Did you really think that economic growth would go on forever and we would never have another recession? So naive.”
by Gaffers, .
Thursday, September 02 2010, 9:00PM
“But as both you and everyone else knows debt as a % of GDP went up in the boom years. Spin your way out of that!”
by Ted Mc., Notts.
Thursday, September 02 2010, 8:48PM
“Labour had one of the LOWEST debts, including the deficit, amongst the leading economies both pre and post the international meltdown.
What is it you Tories do not understand about that ??
You can spin away all day but you cannot avoid that fact.”
by Gaffers, .
Thursday, September 02 2010, 8:37PM
“"If you had the ability to think beyond your bias you would see how silly your suggestions are."
So lets look at what i wrote.....
"So the guy who ran labours policy is wrong but you are right? Haha!"
How silly, how could i possibly claim you were wrong and Blair was right in his critical assessment of his own policies!
There are 3 basics positions you can take on this.
1 It was all Labours fault
2 Labour did nothing wrong it a world wide crisis
3 It was a worldwide crisis but Labour played their part by not being prepared.
The third option is somewhere in between and more than likely the view of the majority of people. I agree with this view but you stick you your party lines.
Remind me who is biased Ted?
ps your view that no one knew it was coming it frankly ridiclous.Did you really think that economic growth would go on forever and we would never have another recession? So naive.”