There’s a punchy op-ed from David Cameron in today’s Guardian, centred around this three-pronged attack on Brown’s borrowing binge:
“But excessive borrowing, adding to permanent national debt, to cut taxes or boost spending is the wrong approach. There are three reasons for this.
The first is that we simply cannot afford it. We’re already mired in debt thanks to Brown’s age of irresponsibility – £2.4 trillion at the last estimate – so we have nothing to fall back on. Paying back Brown’s planned £15bn borrowing binge will mean the equivalent of an additional £880 tax bill for every family in Britain. Imagine the toll this would take on people. Think of the drag anchor for an economy in recovery.
The second reason is that it has been proved not to work. The Japanese followed the same strategy in the 1990s, pushing through an unfunded fiscal stimulus, racking up crippling debt, achieving little beyond white elephant public works programmes.
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