George Osborne, the new UK Chancellor of the Exchequer, spells out the cold, hard facts of economic life.
“We simply cannot afford to increase public debt at the rate of £3bn each week. Our huge public debts threaten financial stability and if left unchecked would derail the economic recovery.
“Public borrowing is only taxation deferred and it would be deeply irresponsible to continue to accumulate vast debts that would have to be paid off by our children, and our grand children for many decades to come.”
He has only just started to hack away at the undergrowth. Will he and his Lib. Dem. assistant David Laws have the courage to maintain a sharp edge on their axe blades in the face of screams of protest from those with a vested interest on leeching off the hard won earnings of ordinary, everyday folk via the tax take? Only time will tell – but at least it’s a beginning……
