- Home /
- Issues / Austerity – Ten Tory deceptions unmasked
Austerity – Ten Tory deceptions unmasked
- Austerity is a political choice not an economic imperative!
- The UK’s debt is not unsustainably high! It was far higher throughout most of the 20th century!
- Managing the UK economy cannot be compared to balancing a household budget!
- Aiming for a long-term budget surplus is economic nonsense!
- The financial crisis was not caused by Labour’s spending on health and education but by uncontrolled speculation by banks across the world!
- The private sector is not inherently good and the public sector is not inherently bad! In fact, economically there is basically no difference between them.
- The market doesn’t always know best!
- Labour is NOT bad at managing the economy. Annual net borrowing (the deficit) ranged from -1.6% (ie reducing the national debt) to 3.4% during the years 1997-2008 when Labour was in power until the banking crisis. Annual borrowing was consistently higher in the Tory government years before 1997 and after 2010.
- The UK is not Greece! We continue to be able to borrow money cheaply and for long periods. Greece owes money to overseas interests; we mainly owe ourselves. We control our own currency; they are in the Euro zone.
- The imbalance between exports and imports could well be the real long-term issue, but the government doesn’t talk about that!
Liquid syntax error: Error in tag 'subpage' - No such page slug cookies