Every child in Britain born with £17,000 debt (and that’s excluding the bail out of the banks)
23rd March 2009
Britain’s economy is ill-prepared for a downturn, with one of the biggest budget deficits in the advanced world.
Figures from the International Monetary Fund suggest that Britain is the only leading economy not likely to stage a recovery from recession next year.
David Burrowes MP said : “Workers at high street stores have lost their jobs and many others are under threat. People who rely on savings have been hit by falling interest rates while first time buyers and struggling small businesses are unable to access credit, despite billions of pounds of public money being poured in to the financial system. Gordon Brown has saddled not just my constituents but future generations with massive debt. The next Government will inherit the worst public finances since the Second World War. We need a change of Government to get to grip with public finances and drive down debt. ”
David joined local Councillors and residents to highlight the scale of the problem using a pound coin representing the £17,000 owed by each newborn child. The annual interest payment on Labour’s debt is equivalent to revenue from fuel duty, inheritance tax and stamp duty combined. This would pay for 1 million extra police officers or 1.6 million extra teachers or 1.8 million extra nurses.
