The IMF calls this budget "sustainable".
£142bn increase in debt and £40bm in tax rises.
The increase in debt will cover
the interest payments with some left over but not too much, (Note: that linked forecast was from some months ago and did NOT take into account this budget, therefore the payments are likely higher.)
(I know it is far more complicated than this, national accounting is NOT the same as household accounting, but effectively, we are borrowing just to pay for the interest of previous borrowing.)
This is being presented as a bet that the increased public spending will spur economic growth.
More money for schools, NHS, justice. Will these spur growth? Not in the short run (even if some of may be necessary). And in the long run, only if spent wisely.
In education, will we turn away from DEI and go back to STEM? Merit rather than quotas? Not with this government!
Increased spending on justice? To better police
hate crime? To pay for prison cells for the increased crime rate due to failed social policies? Can we call that
wisely?
The NHS is collapsing in large part due to a rapidly increasing population due to massive immigration. Perhaps deal with that?
Billions for Ukraine and the military industrial complex.
Billions for the migrant/refugee industrial complex.
Billions for the foreign aid industrial complex.
Billions for the pharma industrial complex.
Billions for the DEI industrial complex. (Quite literally, it has become an industry.)
How much for useless "consultants"?
And of course, they are banking on growth from net zero initiatives. When even those who believe the fairy tale know that 2030 is unachievable (and the rest of us know is foolish).
While farmers, British families and the elderly are left destitute.
Its clear where savings that would not impact the real people of this country could be made (see above list), but the lords and masters in Davos and the City would not approve.
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