Could someone please explain what Labour's economic policy is?
They want to "halve the deficit" in 4 years, but haven't said how, other than new taxes which only go at most 10% of the way towards filling the hole. And anyway, any time a Labour minister comes on TV and says "halve the deficit" I feel like slapping them. They are deliberately trying to confuse the public about the difference between deficit and debt.
Halving the deficit will mean that Britain is borrowing merely £90bn a year instead of £180bn a year! Our total debt will be well over £1 trillion.
We will be paying more in interest payments on our national debt than on education, defence and transport combined - and STILL borrowing at 8% of GDP!
And this wasn't just because of the recession - everyone understands you need to borrow to get through recessions. The problem is that Gordon Brown ran up a deficit even going INTO the credit crunch, because he thought he had abolished boom and bust! He sold off our gold at the bottom of the market, he raided pensions, he set up the paper tiger FSA which was more concerned with box-ticking than regulating, he ran up a structural deficit even in the good years, he tried to hide his incompetence by fiddling figures so PFI liabilities appear off the books to try to make things look better than they are.
Australia didn't even have a recession, technically. Canada got out really quickly. Britain is the only rich country of any significance still in recession except Spain. Yet Gordon Brown, in his delusion, thinks he is "leading the world".
Some of Cameron's economic priorities are bad. I don't like inheritance tax but it shouldn't be the priority for tax cuts - if there is any money at all sloshing around, it should be used to pay down debt. However, other policies, like no national insurance for startup companies, are very good.
Ultimately, though, those are minor in the grand scheme of things. It's the economy, stupid. It comes down to the fact that Gordon Brown has run an economy worse than any other leader of any other rich country in the world.