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The Polls - Labour Lead At 14 - Is It The Economy?
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Stifle growth? No.The current government are cutting spending but they are also stifling growth. No growth means no tax receipts - which means bigger debts - bigger than a country would have had. That's why austerity doesn't work - it's a death spiral.
The coalition's biggest failure was smashing business and consumer confidence when they came to power - absolute madness. Labour would not have done that - so yes I believe that things would have been much better under a Labour government.
The only reason why the economy inched out of recession in 2009/2010 under labour is because the public sector contributed to 53% GDP. They borrowed this country out of recession. The Tories are quite rightly encouraging the private sector to lead us out of recession.
Take public spending out of the GDP figures and you will see that we have only recently got out of recession.0 -
Graham_Devon wrote: »
Remember, this stuff was written by the OBR. Not George.
:rotfl::rotfl::rotfl::rotfl::rotfl:"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Coming from someone whose economic understanding goes as far as believe that without growth there will be no tax receipts. I will take it with a pinch of salt.
Think Laura really means tax receipts are falling and "welfare" costs are increasing. Net revenue is falling in real terms perhaps hence we are spiraling downwards?"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
I admitted my error back on page 2 when highlighted by CLAPTON.[IMG]http://www.ukpublicspending.co.uk/ukgs_line.php?title=Public Net Debt&year=1970_2011&sname=&units=p&bar=0&stack=1&size=m&spending0=63.99_57.99_55.46_49.48_47.87_43.48_44.81_45.70_46.76_43.61_42.11_44.40_44.55_43.13_43.59_43.45_41.81_39.14_34.98_29.30_26.69_25.27_26.70_30.97_36.05_39.55_41.20_41.93_40.14_37.85_35.38_30.58_29.34_30.46_31.84_33.80_34.85_35.57_36.61_44.26_52.08_59.97&legend=&source=a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a[/IMG]
National debt to GDP was high in the 1970's...its been falling ever since.
The spending cap under the Tory government had it as low as 30% GDP...and during a recession as high as 45%.GDP
Labour decided to spend more so attempted to run it at 35% ish..??
This was constant until the developements of 2008....at this point you've got to factor in world events.
Even in a mild recession under the Tory formula we would have been at 45% GDP...now add on a world slump with no growth..and add on privatisation of our banks....sharp have it to 60%.angrypirate wrote:Ok fair point, the last time we were at this level was after the war and like you say the debt was caused by the wars.
This time round however poor government management of finances have caused the debt and the debt is still going up. The other big difference of course was that last time there was the North Sea oil and gas tax revenues to help pay back the tax. This time, its not going to happen. The North sea just doesnt have the production and reserves anymore.0 -
grizzly1911 wrote: »Think Laura really means tax receipts are falling and "welfare" costs are increasing. Net revenue is falling in real terms perhaps hence we are spiraling downwards?
That's not what she said.0 -
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No no no - you've got it wrong they are going to make us bankrupt!!!! They are going to stifle growth so that there is no tax income - they are going to batter confidence so companies and consumers are going to be scared to spend money. They are leading us to disaster.
Are you trying to extract the urine and make labour supporters look completely idiotic?
Or do you really believe yourself?0 -
angrypirate wrote: »I think you mean the annual borrowing (ie deficit) has fallen (sorry to be pedantic but it is different)
It's gone down only because of one off factors (PO pension, QE interest and 4G) - the underlying trend is up
http://www.bbc.co.uk/news/business-20615650If you keep doing what you've always done - you will keep getting what you've always got.0
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