I will sign off tonight with this sickening graph from the earlier IFS presentation – showing the extent to which Gordon Brown’s economic incompetence has transformed the public finances for a generation. Servicing this debt will absorb money that would otherwise be spent creating jobs, lifting people out of poverty, advancing education, promoting prosperity.
The leading article in the magazine this week finishes with these words, which came to mind when I saw the above graph: “It will be no surprise if UK public debt has been downgraded by the election; if so, a gilt buyers’ strike will become more than a theoretical possibility. The new government will face a Sisyphian financial task, so formidable as to make almost every other issue of the day look trivial. And Gordon Brown, we predict, will leave office refusing to the last to admit the appalling damage he has done: this monstrous debt, a blight on generations to come, his one and only legacy.”