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Time to come clean please Mr Osborne

Tuesday, 11th June 2013

There was a really enlightening article by Allister Heath in Wednesday’s (5th June) Daily Telegraph which highlights the dishonesty of our Political Establishment in not admitting to itself, let alone the Public, that the Country’s finances are in a parlous condition.

Politicians boast about how they have been reducing the public deficit. Lies! The amount of the annual deficit is reducing marginally but the annual amount remains well north of £100bn and that is the amount that is being added to the country’s debt burden.

Common sense dictates that this level of escalating debt burden is unsustainable and what may I ask is going to happen when interest rates start rising again. Even more agony to be heaped on the British Public whilst the public sector and the Political Establishment protect themselves with gold plated pensions and employment rights.

What is more concerning is that the total deficit does not include anything for the unfunded public sector pension liabilities (estimated at the last count to be £1.3trillion) – that’s the grotesquely generous pensions for public servants including the incompetents from the Health Service, the Civil Service and the Town Halls.

As Allister Heath states, unless we become serious (and become honest) about tackling the public sector debt, the next crisis, when it eventually comes, could be unimaginably devastating.

This would then be a real kick in the teeth to those entrepreneurial businesses (some of whom we act for) that are doing really well despite a poor economic environment generally.