Over the recent election various spoof poster were designed to frighten people and make them fear a Conservative victory. One that caught my eye was on http://www.mydavidcameron.com. It shows David Cameron raising the spirit of the Iron Lady from the grave.
Call me a nostalgic, but I must say I regard that idea rather favourably! However in the last few weeks, it is less the new coalition government that reminds me of the spirit and words of the Lady, than the legacy of Labour.
As the true scale of 13 years of Labour’s irresponsible management of public finances has come center stage with the legacy of a deficit of around £145.4 billion, and a colossal debt of around £772 billion (statistics by the Institute of Fiscal Studies), I cannot help but think of her words whilst leader of the opposition about Labour:
‘Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them.’
Lord Mandelson and Gordon Brown along with Tony Blair may have rebranded their party ‘New Labour’, but their legacy is nothing new at all, in fact they have managed to uphold tradition in a most conservative way. Over their 13 years in power, whilst it is undeniable public services have improved, the continuity of these advances, and indeed the stability of our economy was irresponsibly put at risk by the excessive levels of debt and budget deficits, they were indeed very good at spending other people’s money.
Today all over Europe and the industrialised world, in the wake of the Greek crisis, worries of sovereign default loom; leaving Britain with a higher deficit than Greece, where there are riots in the streets as markets refuse to pay for their excess, and the country is pushed further towards default, Labour almost followed in the footsteps of their forebears, and Britain to the doors of the IMF.
And over the campaign Gordon Brown and the Labour party advocated continuing to borrow more money by delaying cutting the deficit!!!
Britain under Labour, like America in recent years, has become addicted to debt at an unsustainable level. It is time that the spirit of the Lady was revived, and that Britain again starts to return to sustainable, and responsible budget policy. In her words, policies that ‘are based not on some economic theory, but on things I and millions like me were brought up with: an honest day’s work for and honest day’s pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police’ (News of the World, 20th September 1981).