Labour's Debt Crisis is now the biggest threat to our recovery.
It's clear that Gordon Brown's Government left us badly prepared for the recession and badly prepared for the recovery with no credible plan to tackle the deficit. We can't go on like this. As any family with a credit card knows, the more we spend and the longer we wait to pay off our bills, the worse it gets. We need change if we are to get a grip on the debt crisis. A Conservative Government will hold an emergency Budget within 50 days of taking office to set out a credible plan to eliminate in large part the structural current budget deficit over a Parliament.
Five facts about Labour's Debt Crisis:
· We’re borrowing money at a rate of around £6,000 every second – every five seconds, the Government borrows more than the average British person earns in a year.
· This year, we’re expected to borrow almost 14 per cent of our GDP – almost twice as much as when we nearly went bust in the 1970s.
· We’re spending more money on the interest on our debt than on almost anything else.
· We have the biggest budget deficit of any large economy.
· Last week, we had the worst public borrowing figures for any December on record.
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