Calculations by the independent think tank, the Institute for Fiscal Studies, estimate that if Labour were in power, and the Coalition Government had not made the tough decisions it has, our country would be borrowing over £200billion more by 2016-17.
This equates to shackling every person in the UK to £3,200 more debt. And this staggering figure is in addition to the debt they already ran up when they were in government.
The IFS have estimated what the level of borrowing would be under the plans inherited by the Government from Labour (the Darling Plan) given more recent economic forecasts. The IFS show that in the absence of additional fiscal tightening announced since the general election by 2016-17 borrowing and debt would be £201 billion higher than under Government Plans (IFS Green Budget 2012, 1 February 2012, Table 3.1, p57).
1 comment:
But because of your consistent failure in understanding the problems the economy faces your chums have had to consistently revise (read worsen) their deficit plan. By cutting services you have consistently made life much harder for the most poor but you have failed to address the problem of the deficit. There is no point cutting from a shrinking economy. #onetermtory
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