I have listened to nearly thirty Budgets since I arrived in Parliament.
Usually, they are thoroughly depressing things to witness due to their lack of realism and honesty. No government wants to be blamed for tightening the screws on the nation that honoured it with their votes, so when money is to be saved, therefore, it is often through stealth taxes and fiscal mechanisms that are implied by the ethos of the budget, but never specifically asserted. However, I am satisfied that with this budget, George Osborne has laid his cards on the table and shown us what we must do to make Britain stand upright again. What you see is what you get. I see a lot of difficulty and pain, but no Wolf under the bed. Read the rest of this entry »
We are mired in debt.
The average adult in this country owes £30,258, which is 130% of average earnings. For households with mortgages, the figure is nearly £60,000. 15% of the average personal income in this country is immediately spent on servicing private debts and our public expenditure reflects this grotesque situation on a nightmare scale. Our country now spends more money servicing national debts than it does on the entire education system. Read the rest of this entry »