WHEN I tell people that we are paying £129million per day interest on the country’s debt, they are amazed.
That’s not the debt capital we are paying back, it’s just the interest on the capital.
No country can continue with that level of debt or continue to increase it, because if we do, in a very short space of time, we will be the next Greece.
Not paying off our debt and getting it down to at least manage levels would eventually put the state in the position of not being able to pay its own bills.
A constituent who challenged me last week, asked me why we can’t keep on spending and why we can’t continue to fund the public services as we were and what would be the worst that could happen anyway?
Well, being in such a severe amount of debt means that the world bank, investors, the IMF and others begin to lose confidence in our ability to pay back and so they only then lend us money at a very high interest rate, which makes the situation far worse.
Then they stop lending.
When they stop lending the state can’t pay teachers, nurses, doctors and every public servant who is paid by the state.
That’s the worst case scenario, but if we continue to spend in an irresponsible manner at the rate Gordon Brown did, that is where we were heading.
There can be no growth, no great future with a debt that means we pay £129million per day on interest payments.
The government is doing the responsible and the right thing in wanting to pay off the country’s debt.
Let’s hope this is the last time and that never again will the British people let any government behave so irresponsibly again.