GORDON Brown in his New Year messages talked about Britain's strong economy and its ability to weather the forthcoming economic storm.
I wonder if anybody can explain to me why Britain's economy is so "strong"?
When Labour came to power, Britain had its strongest economy for 100 years and its budget was in surplus. Going into 2008 we have record personal debt, record low savings ratios, record personal insolvencies, record trade deficit and record Government borrowing.
Inappropriately low interest rates have fuelled a debt-ridden spending boom. The mountain of debt in this country will take decades to repay and will cause untold misery.
Before Labour came to power our private sector pensions were the envy of the world. Brown has destroyed them to the extent that many are unable to meet their liabilities, and those that can have mostly closed to new members.
Brown has misled the public on the true level of debt the country is in through PFI initiative schemes, which keep the true level off the balance sheet.
He has misled us about the true rate of inflation. The rate is 2.10 per cent, but everything is going up by more (except pensions and benefits).
And now we have a huge and rising budget deficit.
So now, when we need Brown to start spending to get us out of trouble, he can't because all the cash has gone.
No doubt he will tell us it's all somebody else's fault. But Labour alone is responsible for the trouble we are in, and unemployment in this country will rise as the economy slows.
Tony Taylor, Grassholme, Woodthorpe, York.
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