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Keir Starmer is sitting on a multibillion-pound ticking time bomb – it’s about to explode
The PM’s promises to contain tax increases are beginning to look as thin as the “thin ice” on which this administration is skating. With only 33% of the vote and a negative rating, Mr Starmer appears quite gutsy to decide to steal hard-earned savings from pensioners in order to fund Labour’s spending jamboree, if the rumours are to be believed much of this tax raid was not declared in the pre-election manifesto. This will be a major blow to the voters, many of whom may quickly regret leaving behind an incompetent Conservative government in favour of a regime yet to prove its competence but already showing a propensity to make the people of Britain poorer.
All of this may seem alarming but it is as nothing by comparison with the small matter of debt which will impact not just present generations of British people, but also generations to come.
When Mrs Thatcher was in power her economic policies and good housekeeping ensured that our national debt to GDP (how much the economy produces each year) ratio was just 32%. By the time Tony Blair was in power debt dropped to 29% but that debt pile then grew to 37%. Now it is approaching a scary 100% of GDP. The debt is equivalent to an entire year’s worth of everything we produce in the UK and that debt is producing a huge interest cost paid for by us, dear reader, the taxpayer. And make no mistake we are all taxpayers. Even if we don’t pay income tax or national insurance we do pay: VAT, Council Charge, CGT on investments, duty on alcohol, ULEZ, petrol duty, excess charges for energy to pay green subsidise etc etc. It sometimes seems that the government would tax our very existence if it could.
And perhaps they are.
