Sunday, January 23, 2011

Just another little reminder

Just another little reminder as to why we are where we are today

Labour's Legacy

Labour took Britain to the brink of bankruptcy

Labour left Britain with the biggest deficit in its peacetime history and the biggest deficit in the developed world. At £155 billion, the budget deficit is the largest in our peacetime history and according to the IMF, the UK has the largest deficit of any G20 country in 2010.

Labour left Britain borrowing more than we spend on the NHS and Defence combined. The NHS England combined resource and capital budget for 2010-11 is £104.2 billion. The Defence combined resource and capital budget for 2010-11 is £46.1 billion - together this accounts for £150.3 billion of government spending.

National debt more than doubled under Labour. In May 1997, public sector net debt was £351 billion. By April 2010 it had more than doubled to £893 billion.

As a result, we are spending £120 million every day on debt interest alone. In 2010-11, debt interest payments will be £43.3 billion or £120 million per day.

Labour would have been spending more on debt interest than we are spending on defence or education. Labour's £67.2 billion debt interest bill for 2014-15 is bigger than the entire Education budget in 2010-11 (£57.6 billion) or the entire Defence budget in 2010-11 (£46.1 billion).

Remember that the Labour run Darlington Council copied its Government and now the Darlington taxpayer is lumbered with 106 million pounds of debt as well.

Overspend on the pedestrian Heart, a scheme no one but the Labour Councillors and Officers wanted.

Overspend on the Road to NoWhere & the compensation payouts due to incompetence.

Millions spent on Consultants.

In 2001 the wage bill for high earners in the Council £400,000 today over 3 million.

A time for change.

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