. Economic Incompetence

  • After fifteen years of global growth, our public finances should be in a healthy state – most other countries’ finances are.
  • However, after Gordon Brown’s ten Budgets, both the OECD and the European Commission estimate that we have the largest structural budget deficit in Europe – a deficit that is more than twice the size of the EU average.
  • This is because Gordon Brown borrowed in a boom, when he should have saved. That is sheer economic incompetence.
  • Yesterday’s public sector finance figures show that public sector net borrowing is at its highest ever level for December, at £7.8 billion. Net borrowing in the financial year to December is running at £43.6 billion, more than £11 billion higher than at the same point last year.

In total, over the last five years, Gordon Brown has borrowed over £100 billion more than he originally planned. That’s more than was spent on the entire NHS last year.

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