Len Rum
Well-Known Member
Obviously eliminate the deficit, move into surplus and reduce the debt.Any idea how they can reduce the debt without reducing the deficit.
And can you honestly say you believe the debt would be lower under 1 and a bit Labour governments. Honest answer please Len
George's plan was to achieve this by 2015 when the national debt would have maxed at 1.3 tn and decreased.
Unfortunately by cutting too much too fast he crashed the economy in 2012, tax revenues reduced and he had to let borrowing continue at levels higher than intended. This ultimately led to continuing deficit and increasing national debt.
Alistair Darling ( remember him) had a better plan which was not to cut borrowing as drastically which would have given the economy a much softer and smoother transition to current growth levels ( without nearly killing the patient and then having to pump him full of drugs). With this more sensible economic management the deficit could have been eliminated by now with debt at say 1.5 tn and reducing.