Political Editor UK General Election 2010 - Government maxed out our nation's credit cards!

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Government maxed out our nation's credit cards!

Wilson warns of ‘borrowing bombshell’ – Urges the Government to be more responsible with the country’s cash

2nd December 2008

The Member of Parliament for Reading East, Rob Wilson, addressed local business professionals on Monday at regional networking group, Thames Valley First’s, monthly lunch.

The group meet regularly to discuss current affairs, network and encourage local businesses to utilise the expertise of local professionals.

Rob gave a well-received speech about the country’s economic problems and the impact on small businesses – the lifeblood of our economy. He also questioned the Government’s approach to dealing with the crisis and the nature of an unfunded fiscal stimulus.

“Small businesses are the lifeblood of our economy,” he said, “With their products and services they keep Britain growing and by providing jobs they keep Britain working,”

However, despite the rosy outlook painted by the Government, he had a warning for people after last week’s Pre-Budget report announcement.

He said “Gordon Brown has made it crystal clear that he plans to add to Britain’s borrowing problem with unfunded tax cuts. He plans to temporarily lower taxes, create huge borrowing levels, and then raise taxes rapidly – a tax bombshell waiting to explode.”

He drew on comments by the International Monetary Fund (IMF) and the Confederation of British Industry (CBI), along with the experience of Japan to criticise the Government’s ‘fiscal stimulus’ plan. The IMF made it clear that countries with high debt levels shouldn’t risk attempting a fiscal stimulus, and the CBI urged the Government to concentrate on monetary action instead.

“It’s dangerous for the Government to be embarking on its current course,” Rob warned, “it has already maxed out our nation’s credit card and, showing the same irresponsibility that got us into this mess, wants to keep on spending by getting another.”

Rob went on to challenge the very concept of a ‘fiscal stimulus’ in a deep recession, asking, “Does fiscal stimulus stimulate?”

He pointed to the experience of Japan in the 1990s, stating that it is, “Dramatic evidence to the contrary.”

“It repeatedly resorted to large doses of fiscal stimulus in the form of extra government spending,” he said, “the result – at best what can only be described as stagnation, at worst depression – for most of the past decade.”

The Reading East MP then unleashed an attack on the Government for getting the country into the mess in the first place.

He asserted, “It is a fact that, in the end, all Labour chancellors run out of money and all Labour governments bring the country to the verge of bankruptcy.

“This is what happened in the 1970s under Callaghan and Margaret Thatcher was left to clear up the mess.”

He praised David Cameron and George Osborne and stated, “It is time for us to realise that we have to live within our means and practice the same financial responsibility that we would want for our own families.

“It is responsibility not yet more irresponsibility that will help us build a better, more prosperous Britain for the future.”

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