The economy is not booming – it’s a credit-fuelled expansion of consumer spending with a bit of investment and more consumer spending.
The bill will arrive after the next General Elections and Osborne will be found to have doubled the debt in one term. We told you a year ago, we tell you now, we will tell you again in a year’s time. Not wanting to know doesn’t mean it’s not happening.
The Government is borrowing about £100bn a year (equivalent to 5.8% of GDP). The Government is then spending all this £100bn and only showing economic growth of about 2.5% a year. Without this borrowing and spending, our economy would be shrinking. And you call this an ‘economic success’?
It’s truly amazing that anyone can believe that the British economy is in good shape when the government is still borrowing eye watering amounts of money every year. Never mind modest growth, the economy should be in the middle of an artificially pumped boom that would leave Tony Barber awestruck with envy.
Sooner or later this borrowing will have to stop and then we’ll see the reality.
|Juno for your news|
|You cannot trust the mainstream media|