George Osborne has been telling us for five years that he is closing the deficit. Today's borrowing figures are so bad, it is almost as if Gordon Brown was still in charge.
While telling us he has been dealing with the national debt, on George's watch the national debt has doubled. This is a serious problem – and not just because we are saddling future generations with an enormous bill. The bigger the debt gets, the harder the deficit is to close.
Look at the Government's spending figures for the last few years. Departmental budgets have been cut. But there is one item that keeps getting bigger: debt interest. Currently we are paying £1 billion every week to the Government's bondholders. We have been spending more on debt interest every year than on education and police combined.
This situation will only get worse. The more we borrow, the higher the interest bill will be. The more our taxes will fund creditors instead of public services. The less impact departmental spending cuts will have. The worse our public services will be.
The Left will tell you that we shouldn't worry about borrowing. That spending cuts are unfair and cause inequality. In fact, they are the ones promoting inequality. Promoting borrowing means that the British people will increasingly work for the benefit of a rentier class. They are advocating a two-tier society.
The only way to secure public services and reduce inequality is to balance the public books before it's too late. After five years, the Chancellor needs to follow through on his promises.
"A revolutionary text ... right up there with the Communist manifesto" - Dominic Lawson, Sunday Times
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