Cleaning up after Labour

Dealing with Labour's Mountain of Debt

“Today’s the day when Britain steps back from the brink. When we confront the bills from a decade of debt.

“A day of rebuilding when we set out a four-year plan to put our public services and welfare state on a sustainable footing – for the long term. So that they can do their job – providing for families, protecting the vulnerable and underpinning a competitive economy. It is a hard road, but it leads to a better future. “

Rt. Hon. George Osbourne MP, Chancellor of the Exchequer

20th October 2010

Commenting on the measures announced, Bob Neill MP said:

“The economic inheritance bequeathed to the current Government is frankly appalling. The previous government doubled the national debt, and the country now faces a budget deficit of £155 billion. That is more than the combined budgets for education, transport and defence or the combined budgets for health and transport.”

“We are currently haemorrhaging £120 million every single day just to pay off the interest on Labour’s debt – money that goes to foreign creditors to help pay for their schools and hospitals rather than our own - so we cannot ignore the urgent need to reduce Government spend.”

“If we are to avoid a double dip recession, soaring interest rates and saddling future generations with an intolerable burden, we have to start making some very tough choices now. There is nothing fair or progressive in passing on a mountain of debt to our children and grandchildren.”