Cuts, Yes, But…


It is now a self-evident political and economic proposition that Britain’s frightening budget deficit and debt mountain requires drastic public expenditure cuts and additional taxation to reduce them both over a four to five year period. What is not so clear is how much is possible without unacceptable consequences for millions of people and the fabric of British society. What needs to be done is not an absolute. In a gobal economy the scale depends in large measure on what is done, or more aptly not done, by other trading blocs, of which the USA and the Eurozone are the most important. After all money has to go somewhere and like water it follows the course of least resistance. We must do at least as well as the Eurozone contries as a whole. Clearly Germany with its target of debt to output of less than 3 percent cannot be our model. The question for our Coalition is how many British lives will they ruin by over-ambitious debt reduction programmes. We should end doublespeak. A buraucrat is a person with a family and mortgage not a cipher. And end the rubbish talk: the public crowding out the private sector? When did we last hear this nonsense, which like all such nonsense is re-cycled idiocy? Could it be Mrs Thatcher and the 1980’s?

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