To think the last 10 years of austerity is being thrown away?

[Snowy111]

I know some of you will say it was a waste of time anyway, and we should spend and raise taxes to get out of national debt, but...

Osborne followed by Hammond were following the traditional Tory policy to reduce spending to get out of debt. People and services have suffered very badly over the last 10 years because of this. If the tories carried on with their policy for a few more years it would turn the trend of debt going up and the debt would start to reduce. It’s around £2 trillion, that around £60k owed for every person in the country on top of any personal debt people owe.

And BJ/Cummings are throwing it all away with their election bribes. The NI threshold rise, the spending promises. Plus the BJ brexit deal is worse for the economy than where we are now, so there’ll be less money coming in.

But people completely fall for the election bribes and don’t think that the tories will eventually revert to type. Austerity will come back again and it will be harder and longer because of the throwaways being given now.

But of course it’s always labour that are the irresponsible ones with the finances

www.independent.co.uk/voices/tories-boris-johnson-election-britain-deserves-better-a9179771.html?utm_medium=Social&utm_source=Facebook#Echobox=1572590975

YABU

The Tories should never have done it in the first place.

Why was debt so massive?

Because
Of
The
Financial
Crisis

Remember Northern Rock? Lehmans? (No we weren’t going to be another Greece - a complete bullshit excuse). These institutions were caught up in the mess of the sub prime fall out
Banks were bailed out by our government to the tune of billions.

Now what the government should have done was claw back that bailout from the banks.

Instead the banks carried on with their reckless ways, dishing out obscene bonuses as if nothing had happened.

And the government clawed it back from the least able to pay and set the disabled, the poor, the SEND kids, the elderly, as the spongers.

Disgusting.

Ten years is half of my sons childhood.

Austerity means that people have less to spend, so the economy suffers. Do you really support a freeze on benefits for another four years Op?

I’m not saying I agree with austerity. I don’t know what is best for the economy if I’m honest!

I’m just saying that the tories had a plan to reduce the deficit first then the debt, and now after 10 years of pain - not for them, for old people, vulnerable people, poorer people- they are unleashing the purse strings and LYING that we are in a good financial position all of a sudden - to bribe people to vote for them - and people will fall for it.

As soon as they get a majority will revert to type and they will bring in austerity again. But we will start from a worse position even than after the banking crisis so it will be much much worse .

It's obvious some on here lack even the most basic comprehension of austerity by trying to cite the national debt.

Justanotherlurker - that was very helpful thanks so much

Don’t tell me, Justanotherlurker, you’re going to explain about the difference between the deficit and debt?

The Tories used the national debt as a reason for austerity. George Osborne talked about an economy built on debt. They also mixed up the messages with the deficit, wanting to remove the deficit.

🤷🏻‍♀️

following the traditional Tory policy to reduce spending

Hahahahahahahahahhaha

Don’t tell me, Justanotherlurker, you’re going to explain about the difference between the deficit and debt?

Some on this thread obviously need a quick run down on it yeah

The Tories used the national debt as a reason for austerity. George Osborne talked about an economy built on debt. They also mixed up the messages with the deficit, wanting to remove the deficit.

Nice re-write of history there.

George Osborne talked about an economy built on debt

It was widely accepted that austerity was needed in 2010, they tightened up a bit to sharp but even Brown had earmarked to tighten the belts by 73 billion a year.

It's nice to pretend they was talking about debt, but no one ever was, the only people who got it confused was those trying to political point score over it.

The Conservatives are damned if they do and damned if they don't.

Their response to the banking crisis of 2008 and of public spending being out of control was criticised for causing 'austerity' even though they succeeded in reducing the horrendous deficit. Now they propose to ease up on tightened belts and they are accused of splurging.

To add to this, even while some areas were cut back to get the country's finances back on track, the Conservative government left the NHS alone and even added to the NHS budget - and it is criticised for intending to destroy the health service.

It is scapegoating nonsense. What people would do if they did not have 'The Tories' or 'Maggie Thatcher' to blame for every ill under the sun I do not know.

Maybe they would grow up and get real.

It’s not scapegoating, it’s the financial crisis that was to blame and the lack of regulation on bankers.

It’s the lying/bribing that I don’t like

If a few bribes keep Corbyn and McDonnell away from power and the credit cards I'm happy with that, Conservative bribes make Labours moon on a stick promises, look like small change.

What I expect will happen if the worst Prime Minister of all time gets a majority is that there will be increased VAT, or it will apply to more goods, or things such as rail fares will be increased by a higher level.

It is scapegoating nonsense. What people would do if they did not have 'The Tories' or 'Maggie Thatcher' to blame for every ill under the sun I do not know.

Well, they could always blame the EU. Oh, no ... wait a moment ...

To add to this, even while some areas were cut back to get the country's finances back on track, the Conservative government left the NHS alone and even added to the NHS budget - and it is criticised for intending to destroy the health service

They didn’t “leave the NHS alone”

They cut spending in health including public health. Check your facts.

Also public spending was not out of control.

Again, check your facts.

They cut spending in health including public health. Check your facts.

They didn't cut spending, the didn't grow it YOY like previous so it was in effect it was cut.

Also public spending was not out of control.

We had a deficit of 9.9% due to the financial crash, Brown had already earmarked ~70 Billion reduction to bring the deficit down.

This was so we could keep our ratings, also remember the being an EU member requires a deficit of no more than 3%

Again, check your facts.

I think people in glass houses shouldn't throw stones.

Here is a starter for you

www.bbc.co.uk/news/business-39897498

Just This was so we could keep our ratings, also remember the being an EU member requires a deficit of no more than 3%

It might have been to keep our ratings, but as we are non EZ, the EU could not enforce the 3%. They could rap our knuckles if we went over that, but not a lot else. I note that France is almost always in breach of the 3%, but cites national security costs and gets away with it; and that Germany is also in breach for having too much money, but again, seems to escape sanctions.

They didn't cut spending, the didn't grow it YOY like previous so it was in effect it was cut

Department of health spending was cut 🤷🏻‍♀️

Having a deficit of 9.9% does not equate to spending out of control. Especially as the figure was just after/in the midst of the financial crisis - which you yourself state?

So given that our problems were due to the financial crisis, why didn’t the government ensure that banks paid their fair share to tidy up their mess?

Nice re-write of history there

Why is a re write of history to state that the Tories did talk about the national debt as well as the deficit?

They most certainly did.

Having a deficit of 9.9% does not equate to spending out of control.

My God, that’s some financial illiteracy there! Exactly how long do you think an economy can survive running a 10% annual deficit of the sort Labour left us?

When has there ever been a budget surplus in a year? 1967, 2000 and 2001. None of these had Tory governments.

Agreed it is always Labour that bankrupts the country. Don’t remember any other party leaving a note at the Treasury saying there is no money left!

If only that were true eh, Chloemol

It's numbers, it means nothing. Might as well be a phone number.
How much Gold do we have?