Tory ‘Decade of Irresponsibility’: Debt and Borrowing to Soar

debt

Debt

Philip Hammond has announced that the debt to GDP ratio will rise to an “eye-watering” 90.2% in 2017-18, a seven point increase on previous forecasts, the highest debt level in half a century. National debt by the end of parliament will be £1.945 trillion.

Deficit

The Tory manifesto promise of a surplus in 2019/20 has been abandoned, they are now seeking to balance the books by an undisclosed date in the next parliament.

Borrowing

Borrowing forecasts for 2016-17 have soared to £68 billion, up £13 billion from the previous forecast in March. Borrowing will be £59 billion in 2017/18, £21 billion more than forecast. In 2018-19 the government will borrow £46.5 billion, a massive 117% increase from the £21.4 billion forecast in March. Hammond plans to borrow £118 billion more this parliament.

In 2008 George Osborne told the Commons:

“What [Brown/Darling] did not admit is that he is going to double the national debt to £1 trillion, and that a national debt that has accumulated over centuries is gonna double in just five years. That is the bill for Labour’s decade of irresponsibility.”

Labour under Corbyn and McDonnell theoretically want to balance the books by 2020, a tougher deficit reduction plan than May and Hammond. This is the Tories’ decade of irresponsibility… 




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Heidi Alexander sums up Labour’s approach to aspiration:

“Babies grow up to become taxpayers.”

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Tories Braced for Charges Over South Thanet Tories Braced for Charges Over South Thanet
Max Fine for Law Breaking Lib Dems Max Fine for Law Breaking Lib Dems
TROT SUPER-FACTION ORGANISING MOMENTUM TAKEOVER TROT SUPER-FACTION ORGANISING MOMENTUM TAKEOVER
Santa Paws: Phil Hammond’s Christmas Card Santa Paws: Phil Hammond’s Christmas Card
Government Values Guardian Readers Most Highly Government Values Guardian Readers Most Highly
Treasury Implements Amy Lame Tax Treasury Implements Amy Lame Tax
Fidel’s Final Push Fidel’s Final Push
Newmark Back Helping Women2Win Newmark Back Helping Women2Win
BoJo Ho Ho! Christmas Returns to FCO BoJo Ho Ho! Christmas Returns to FCO
Naz Shah Attends Extremist-Linked Event Naz Shah Attends Extremist-Linked Event
HEIDI ALLEN IN MAYORAL ROW HEIDI ALLEN IN MAYORAL ROW
Renzi Loses Referendum – Resigns Renzi Loses Referendum – Resigns
WATCH: Clegg Gets Brillo’d WATCH: Clegg Gets Brillo’d
Brexit Book War – Latest Brexit Book War – Latest
Public Heath England Gets Booze Sums Wrong Public Heath England Gets Booze Sums Wrong
Civil Servants Forced to Admit We’re Leaving EU Civil Servants Forced to Admit We’re Leaving EU
Sarah Olney Walks Out of Interview Sarah Olney Walks Out of Interview
DfID Slams Baroness Scotland DfID Slams Baroness Scotland
Ken Aide Says Staff Celebrated 9/11 Ken Aide Says Staff Celebrated 9/11