Posted by: aboutalbion | October 12, 2012

Conservatives and debt

From what I have gleaned, the leader of the Conservative Party made only an oblique reference to the national debt at his party conference this week in Birmingham.

“[The British people] have thought we can pay our way.”  I take this to mean that the Conservatives will wish to ensure that government revenue will balance government expenditure year on year.  I find no reference to a policy about the national debt itself, ‘the nation’s mortgage’.

“We’re here because they spent too much and borrowed too much.”  I think that this Conservative claim is weak.  I am inclined to the view that both main parties have added to ‘the nation’s mortgage’.  In the race for votes, both parties have tried to outdo each other to offer lower tax rates (and to borrow money to make up the deficit in public tax revenues).

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