Non-motoring > Corbyn - Volume 1   [Read only] Green Issues
Thread Author: No FM2R Replies: 178
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New Sat 3 Jun 17 08:30 
 Corbyn - BrianByPass
>> Govt debt as a percentage of GDP in 2010 = 76%
>> Govt debt as a percentage of GDP in 2015 = 89%
>>
>> Average Govt debt between 1997 and 2009 (Labour years) was 42%.
>>
>> What amazes me is that the Conservatives have the audacity to ridicule Labour on the
>> economy!
>>

So I presume you think the debt is too high. Debt continues to grow each year that your budget is in deficit. How would you get the deficit and hence debt down? The Treasury can either raise taxes and/or cut spending to balance the budget. Would you prefer the Tories to have cut more, taxed more, or both?

Your figures are debt as a % of GDP. So the third option is to grow the economy at a faster pace than than the debt is growing in order to keep the % figure below that in 2010.
If you look at
visual.ons.gov.uk/uk-perspectives-trends-in-the-uk-economy/
you'll see that UK hasn't done too badly at all despite the shock of the 2008 recession when labour left the Treasury with a note to the Tories that "there is no money left". The UK's economy has defied many pundit's dire predictions over the lasst few years, jobs have kept growing despite Labour claiming in 2008/9 that under the Tories there would be more than a million additional job losses. UK's economy is so good that just in the last four years a net of more than a million immigrants have come to live and work here.
visual.ons.gov.uk/uk-perspectives-a-recent-history-of-international-migration/

I think the world's G7 economies - apart from Germany which may have done better - would be happy to have achieved what UK's economy has done in the last seven years. Germany has the advantage that it does not have to worry about nuclear or other defence spending as UK, France and USA take care of it for them.

For a historical record of budget deficits/surpluses, see
www.ukpublicspending.co.uk/uk_national_deficit_analysis

The first tab there shows that contrary to popular belief, spending (as %of GDP) by the Tories has been higher each year than it was under Labour. The third tab shows how the deficit (i.e. Govt spending more than income) each year has been massive.

So, go on, zippy, tell us how you would balance the budget? Cut more, tax more, or both? How would you get the economy to grow even faster than it has done without increasing the debt?

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