This is who will pay for Brown's debt binge
Fraser Nelson and James Forsyth 10:51amGordon Brown is hoping that the sheer size of the borrowing numbers that Alistair Darling announced on Monday will stop people from comprehending them. But we hope that this video—adapted from the brilliant one that won MoveOn’s competition to design an ad against Bush in 2004— will bring home the consequences of this debt. On Monday, Brown decided to saddle each British household with a £40,000 debt by 2013 with interest payments collected through the tax system for decades. This will be Brown’s legacy to Britain.
Many thanks to James Fletcher
Previous
Comments
mark c
November 26th, 2008 11:22amouch ....
Short the UK
November 26th, 2008 11:33amFraser,
I hope many can now see that our economy is going to go L shaped.
The key question is whether we go to B first. I continue to think we will go to B. I am not sure when the markets will lose confidence. It could be a leading indicator or Q4 GDP. Something will be the tipping point.
The only way to have avoided B would have been to raise taxes and radically cut spending. Only the Irish are following this path.
We are doomed to be lead by an elite that is stuffed full of gamblers and charlatans.
Sob, sob.
oldtimer
November 26th, 2008 11:33amI believe that people will be all too aware of the scale of the problem. The VAT conspiracy/cockup episode and the extra £100bn black hole will surely concentrate minds. And that is all before the Chancellor`s forecasts fall apart - as they will. The collapse of the mortgage market to nil net lending is a sign of what will happen to all personal debt. We shall be fortunate to escape with a severe recession and avoid a deep slump.
As one of the few here to have been born in and lived through a slump, it looks entirely possible that I shall snuff it in the middle of one. And God help my grandchildren.
RODEST
November 26th, 2008 11:45amWill these kids actually have a job to pay off the debt before they are eligable for the state pension (if there is one)?
Wily Trout
November 26th, 2008 2:30pmDo you remember when Ken Livingstone's GLC posted up the current London unemployed figures on the roof, over the bridge from Mrs Thatcher's parliament? Go on, Boris ....
Ray
November 26th, 2008 5:58pmWhere's all the immigrant labour that is supposed to rescue our ageing population from demographic catastrophe?
Or will they take one look at the economic wasteland Brown is creating before clearing off back to Bucharest and Banjul.
Julian
November 26th, 2008 9:41pmGordon Brown has acted like a young man (or novice) who, having inherited a great deal of money, went on a spending spree and ended up to his neck in debt leaving his children (and possibly his grandchildren) to pay it off. Thanks a trillion!
F-ster
January 2nd, 2009 3:43pmRemember the Russian tale about the old woman whose sled is pursued by wolves?
She kept throwing her children off the sled to keep the pack at bay.
Old woman Brown may not be sacrificing our children's lives yet (unlike his predecessor) but he is sacrificing their livelihoods...