Today’s Telegraph reports that the independent think tank, the National Institute for Economic and Social Research (NIESR) has suggested that the next Government has three options for getting the public finances back into shape:
1. Raising the state pension age to 70 for both men and women from 2013.
2. Raising the basic rate of income tax by 15p in the pound. Taxes would have to rise by as much as 8p in the pound even if the retirement age was increased.
3. Cutting government spending by a tenth, which would hit the NHS, education and other front-line services.
Even if we follow these policies, it will still take until 2023 to return Britain's total public debt to 40 per cent of gross domestic product.
These are staggering figures which demonstrate the extent to which Labour’s spending spree will cause real long term pain for millions of people.
It’s time the political parties came clean on how they would tackle this debt crisis. Sadly, I doubt any of them will this side of the election.
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This reminds me of the gag by Liberal Vision that Paul Holmes was a 'socialist' GAIN in Chesterfield. Sorry I want to keep Holmes, Harris , Farron, Featherstone et al - all under contact until end of parliamentary season 2015 ! But, a free transfer of Laws and Browne to the Tories would be good. Mark Oaten, of course, retired through a mysterious groin strain.
The Lib Dem team has enough right-wingers, so Purnell not needed from Labour. Alan Simpson from Nottingham is one of my favourites, but hugs the left 'touchline' a bit too much for most Orange fans.
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