With Olympimania about to envelop us, there is a danger that some elementary truths about our economic position are being subtly erased from the public memory.
- the worldwide banking crisis started in the US with Fannie Mae and Freddie Mac after Clinton ordered them to lend to poor people who could never repay their debts;
- in the UK, Brown wrote the regulations that failed to prevent recent banking failures;
- in the UK, Brown raided our pension funds with a £5 billion pa tax hike to pay for his profligacy;
- in the UK, Brown sold our gold reserves at the bottom of the market;
- in the UK, Brown spent £5 on public service for every £4 raised in taxes, adding a huge sum to our national debt;
- in the UK, Blair and Brown presided over an 11 year spending spree that threw money at public services without a proportionate increase in outcomes;
- in the UK, Blair and Brown deliberately created a huge client state of benefit dependency;
- Blair and Brown deliberately encouraged immigration into the UK well above what we needed. This added large numbers to their client state.
Your strategy has retained our AAA credit rating in the world markets while other major players face downgrading and higher interest rates.
Miliband and Balls are shamelessly forgetting these home truths and advocating higher spending and more debt. We need to remind them of Liam Burn’s note as he cleared his desk at the Treasury. He wrote: “The money’s all spent.”