The facts say we must vote Labour out of power
Since Labour came to power in 1997 the gap between the rich and the poor has widened. Labour has failed to tackle poverty. Since Labour came to power in 1997 manufacturing output and jobs have declined at a faster rate than under the previous Conservative Governments. Industrial production continues to decline in the UK while it is increasing in USA, Japan, Germany, France, China, Canada, Italy and in the Eurozone as a whole. The trade weighted value of sterling has fallen by about 25% since 2007 - a faster decline than when Britain left the ERM in 1992. The UK has world's second largest negative balance of trade second only to the USA which is a much bigger economy. In contrast China, Japan, Germany, France, the Netherlands, Norway, Russia, Sweden, Denmark and the Eurozone as a whole all enjoy positive balance of trade surpluses Exports fell by 4.4% in January 2010 compared to December 2009. Between early 2008 and autumn 2009, GDP fell by 6.2%. The recession lasted 6 quarters longer than any other G7 economy.Labour Government spending as a share of GPP rose from 44% in 2006 to 52% in 2009- compared to 48% in Germany.The Labour Government’s projected deficit of £167 million is equivalent to 11.8% of GDP and the Government has no credible plans to reduce it. This compares with a deficit of only £6 billion when Labour came to power in 1997.The Labour Government’s budget deficit as a share of GDP is on a par with Greece's. It is the highest since the Second World War and will be the biggest of any G20 economy according to the IMF.The UK’s National Debt will rise from £617 billion in 2009/10 to £1,400 billion in 2014/15. It is now at its highest level since the Second World War. According to McKinsey the total indebtedness in the British economy as a share of GDP is the highest amongst 10 major economiesThe Labour Government is now spending 4 pounds for every 3 it receives in revenue.The Labour Government is now borrowing 25 per cent of what it spends. And 25 per cent of what the Labour Government borrows is spent on pay interest on the Government's borrowings. The Labour Government now spends 52 per cent of GDP which means that each worker on the private sector has to support and pay for at least one worker in the public sectorNearly 6 million on benefits dependent on taxpayers for their benefits. Over 6 million on the public sector payroll dependent on taxpayers for their incomes. There 2.5 million unemployed and rising. Our rate of youth unemployment is the highest on record since the Second World War.Inflation is now running at 3.5% and interest rates are rising.These facts and figures make an overwhelming case for voting Labour out of Government and ensuring that a discredited and bankrupt Labour Government is not kept in power by any backroom deals such as a possible coalition with the Liberal Democrats.
David Giles ● 6037d0 Comments ● 6037d