After 10 years of
cooking the books, creating hundreds of thousands of phantom government sector
jobs, borrowing £100 billion more than he promised in 1997, and wasting
billions of pounds of IT projects that no-one wants or needs, Gordon Brown is
finding his fiscal skills open to international scrutiny, and the results are
not good.
The IMF says that
Gordon Brown will be forced to raise taxes or slash spending to plug a looming
£58 billion hole in the public finances caused by soaring healthcare costs.
The current
election manifesto promises of more Health investment are being rubbished, the
alternative will be that you will have to pay even more tax, as much as 5p in
the £, to cover the shortfall.
Additional
pressures will come from higher spending on state pensions and a reduction in
the ranks of younger taxpayers able to support the retired.
As a result, the
Chancellor must slash spending or hike taxes by tens of billions of pounds over
the coming five years to put the public finances on a more sustainable footing,
the IMF said. The result would be a damaging rise in interest payments on visible
UK government debt, which already stands at
£484 billion, plus the PFI debt of nearly £100 billion.
Despite broken promises
to resign if she failed to balance the NHS books, Patricia Hewitt has presided
over a recorded deficit of £536 million last year, but the Tories say the real
figure is far worse. (source).
We said a long
time ago that Gordon Brown’s management of the economy was all smoke and mirror’s,
now the world knows it.
Would you buy a
used car from this man?
NuLab –
Destroying Britain from the inside out.
IanPJ on Politics 