Douglas Carswell

02 FEB 2016

Mortgaging Whitehall to the Gulf sums up Osbornomics

The Department of Health is subject to sharia law. You read that right: to turn London into the "Islamic finance capital of the world," George Osborne secretly made three Whitehall buildings the property of Middle Eastern banks under an Islamic bond scheme, so they are now governed by Islamic law. The question is: why?

Many people will find the idea that an external legal code applies to the heart of British Government disquieting – and rightly so. But there is a more disturbing question: why is the Chancellor using public assets to prop up a bond scheme? Or put it another way: if the scheme were viable in the private market, why would he need to subsidise it?

The truth, I suspect, is that this is classic Osborne corporatism. Like his dodgy tax deal with Google, and his Northern Powerhouse subsidies, this stinks of favouritism for Big Islamic Banks and oil sheikhs that may benefit the Chancellor but sells British taxpayers short.

But if you're outraged about a few buildings being mortgaged to powerful foreign interests, just think about the public finances more broadly: the Government is totally dependent on borrowed money. We're still running massive deficits every year. Total declared public debt is over £1.5 trillion. The whole country is being mortgaged.

If just £200 million of debt means the Department of Health has to be sharia-compliant, what kind of leverage over Britain do you think £1.5 trillion buys?

Debt and corporatism led Britain to financial ruin in 2007. But instead of changing course from Gordon Brown, Osborne has kept on going. To be a successful sovereign country again, Britain needs to change course: that means balanced public finances, free markets, and sound money.

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