the last Labour governments passion for spending money we did not have is clearly shown in Network Rail and an article in the Guardian from Friday 2nd July, tiitled Red for Danger.
The article states that Network Rail owes £23bn and the debt is set to rise to £30bn by 2014. The interest on this debt of £5bn per year will then exceed the value of the government subsidy.
This is a good example of how the Labour debt mountain is cutting spending on vital services Now.
The labour Party is taking every oportunity of attacking the “Coalition cuts” but these cuts are in fact debt repayment cuts caused by the bad managment of the last government.The real issue is “Reduce the Debt and stop Labours Public Sector Cuts” .
The fact that the government is paying huge interest charges that means money is not spent on services, is not being communicated to the public and media as it should be. The new coalition needs to get the public supporting debt reduction to then allow service delivery.
Totally agree with you. Sometimes I’m shouting at the TV or radio when our spokesmen are on to pose the question back and remind people that we spend over £800 million a week on paying debt interest – that’s not even paying off the debt – isn’t there better things we could be spending money on?
Paul Crossley | Labour and crocodile tears
I found your entry interesting do I’ve added a Trackback to it on my weblog 🙂