“The point I would wish to make about the way in which the Tories have managed the economy is simply this:
When The Labour Party left office in 2010, just after the global financial crisis, the national debt was £979 billion. Today, the debt with this Conservatives government is £1.73 TRILLION – it’s gone up by £750 billion.”
We now know that claiming the UK would “end up like Greece” was either painfully stupid or the political and economic equivalent of shouting “fire!” in a crowded theatre. Since 2010 the Conservatives have falsely talked down the UK’s economy so as to sell their political Austerity agenda.
China is the powerhouse of the shifting global economy – as Donald J. Trump has often pointed out. So, how does the debt profile of the UK in the last decade compare with China? Very, very well. So well that it’s almost as though the Tories haven’t got a clue about the economy.
China’s debt has quadrupled since 2007. Fueled by real estate and shadow banking, China’s total debt has nearly quadrupled, rising to $28 trillion by mid-2014, from $7 trillion in 2007. At 282 percent of GDP, China’s debt as a share of GDP, while manageable, is larger than that of the United States, Germany, the UK or, indeed, Greece.
The Tories would often make wild claims about how we were going to be ‘like Greece’ if we didn’t fall for their political agenda : Economic Self Harm & Self Sabotage.
Clearly, Austerity is a political policy, not an economic policy – so what happened? Much like the recent post EU referendum events where the right wing of the Labour Party followed the adage of “never letting a crisis go to waste” by inexplicably trying to blame the EU referendum result on Labour Party leader Jeremy Corbyn, so too did the Tories repackage the Global financial crisis of 2008.
The whole nation was sold the line in the 2010 General Election that Gordon Brown somehow crashed the global economy by building too many schools and hospitals in the UK.
Not enough of the British people believed that in 2010 to give David Cameron the victory, so Nick Clegg and his Liberal Democrats fig leafed the tories into power, foisting them on the country.
In 2015, the tories had to resort to #ToryElectionFraud to gain power.
This means the political policy of Austerity, designed to punish those the tories see as their enemies – Doctors, nurses, teachers & other public servants – has been imposed on us without our democratic mandate.
As if that were not bad enough, it is also clearly the wrong economic strategy to have adopted. During their time in office the Tories have taken our debt to GDP from 69.9% just after the global financial crash, to 92% today.
Our debt pile has ballooned from 900 trillion to north of 1.7 trillion.
Our nations debt profile under the Tories has gotten worse, not better, precisely because we cut the meat, the flesh and bones, from our economy at exactly the time we were and are one of the safest investments for international finance to go to do business.
And they say these people are seen as a “safer pair of hands” with the economy than The Labour Party, whose Shadow Chancellor John McDonnell,unlike the entire Tory front bench, actually has experience of balancing a budget.
“They said they were going to cut the deficit and that was the way they were going to manage the debt down. They said they would reduce the debt, they were going to manage the debt down, not increase it by £750 billion. They didn’t manage to reduce the deficit to 0 by 2015 as they promised, they then said they’d do it by 2020 – they’ve failed to do that.”
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