what responsible family up and down the country doesn't understand the concept of having to balance the family's budget every month? They understand they can't spend money they don't have without dangerous consequences. We need to make the emotional contact that governments have to obey the same rules and that spending money we don't have today will mean restricted opportunities for future generations.
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For too many people, the concept of government borrowing seems a painless one. We need to remind them that, just as there is no such thing as government money, only taxpayers' money, so there is no such thing as government debt, only taxpayers' debt.
There are too many people who believe that it is acceptable to spend money today that we do not have and pass the bill on to the next generation.
Yet even those who believe in this basically immoral proposition need to understand that this year, every taxpayer in Britain is paying around £1,900 extra tax for the interest that the Government has to repay on its debt.
That is £1,900 that they could have spent on something they need for themselves or their families, or money that they could have used to pay off their own debts or put aside for a rainy day. At government level, we are paying around £58 billion in debt interest this year, much more than the defence budget and around half of our total spending on the NHS.
‘I’m not about to hand over the keys to No 11 to Ed Balls, saying, “Go and wreck all the good work we’ve done and ruin the lives of the people of this country.” Absolutely not!’
He says that if Labour wins, Britain will become an economic basket case like France did after socialist Francois Hollande won power.
‘France is an example of how quickly the mood can turn sour, jobs go, debts pile up. People will say, “My GHod, Britain is going backward instead of forward.”
Osborne is in his stride now, spitting venom.
‘All this sanctimonious rubbish you hear from Labour about standing up for the many not the few… the people who suffer most when Labour governments screw up the economy are the poorest.’
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