Labour’s Debt Mountain

In Labour’s March Budget, the Chancellor announced that Britain would spend more on debt interest (£43bn) than Transport (£22bn), the Police (£36bn) or Defence (£40bn) next year. As David Cameron said "the only thing Labour bring are debt, waste and taxes".

At a national level, no peacetime government has ever borrowed this amount of money. Labour’s debt mountain (rising 53% next year) is expected to force up inflation and interest rates, meaning every family will pay more on their mortgage because of Gordon Brown. Even locally, the Labour Council is borrowing £96m next year, a 160% increase on 2009/10.

As an Economics teacher in local schools for the last 15 years, Greenwich and Woolwich’s Parliamentary Candidate Spencer Drury said “The damage Labour has done to our economy is massive – they are borrowing an unprecedented amount of money. If Labour is re-elected, debt interest will soon amount to more than education spending. Just like the 1970s, Labour have got us into a mess again and as in the past, the Conservatives are going to have to sort it out.”