The Two Trillion Dollar Man

UK Government Debt has now exceeded $1 trillion.

The BBC has reported that the official measure the total outstanding government debt rose to an all time high of £799bn, or 56.6% of UK GDP.

The Labour Government borrowed £13 billion in June. An amount that back before 1997 Blair called shameful and the “cost of failure” when that was the total borrowed for the whole year.

Whichever measure is used at the average exchange rate of £=$1.40, we now have over a $trillion of Government debt and more than a $trillion in privately held debt. When people were warning about the level of private debt held during the 2005 General Election – Brown and Blair both dismissed the issue.

Unlike the US, which increased short term borrowing to stimulate the economy, Brown, because of previous financial incompetence was unable to offer anything of real value. The reduction in VAT from 17.5% to 15% was worth little to the consumer. This reduction is coming to an end soon.

Is it any wonder that this is how Labour tried to sell its record to the voters of Norwich North?

Labour Leaflet Fail

Is it any wonder then that Brown had his arse handed to him in Norwich? A 16.5% swing that resulted in the a Conservative vote total that was more than the Labour and Liberal Democrat vote combined.

  • Chloe Smith (Con) 13,591 (39.5%)
  • Chris Ostrowski (Lab) 6,243 (18.16%)
  • April Pond (LD) 4,803 (13.97%)
  • Glenn Tingle (UKIP) 4,068 (11.83%)
  • Rupert Read (Green) 3,350 (9.74%)
  • Craig Murray (Ind) 953 (2.77%)
  • Robert West (BNP) 941 (2.74%)
  • Bill Holden (Ind) 166 (0.48)
  • Howling Laud (Loony) 144 (0.42%)
  • Anne Fryatt (NOTA) 59 (0.17%)
  • Thomas Burridge (Libertarian) 36 (0.1%)
  • Peter Baggs (Ind) 23 (0.07%)

In fact the Conservative majority of (21.37%) 7,348 was higher than the Labour vote.

The Brown Party in a strong could once again only get 18% of the vote.

Gordon, you were sent a clear message – Gordon,  Go Now.

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