The Death Of Prudence

October 20, 2009 7:00 PM

Newcastle Lib Dem parliamentary spokesman Greg Stone has expressed deep concern at the news that the net public sector borrowing requirement - the amount of money the Government needs to borrow to pay for its public spending - has reached a record £14.8 BILLION pounds, compared to £8.7 billion pounds 12 months ago. Alarmingly, the Government is now paying out more money in benefits than it is raising in income tax.

Greg said "Gordon Brown told us a few years ago that he intended to eliminate Government borrowing and that he would end boom and bust. He has certainly eliminated the boom; the country is rapidly going bust. To put these staggering figures in perspective, the Government is now borrowing the equivalent of £20 million pounds an hour, or nearly £500 million per day. The cost of Labour's failed policies and bankrupt government is rocketing further and further out of control each day, leaving a toxic legacy of debt for future generations to pay back. Labour can never again claim that they are competent to run the economy."