Labour are committed to the same spending plans as the Tories so borrowing is not an option for them and it is international pressure that is driving this and not home politics. In my view the best way to address the PSBR is to lower tax as this will boost the economy and more tax will be raised as a net result. And we have very recent evidence that this was the case under Thatcher....as the Eighties rolled on, she was able to finally pay down all outstanding debt. Then we had Major where the country became a little too comfortable and smug. We all know what happened after that, another round of inept Labour govt. Is it just me or do all Labour govt's end in complete disaster??
Why not write into law that whoever is in government MUST balance the books year on year. If any year there is a deficit, then the budget for the following year will have the necessary cuts/adjustments to ensure that we never stray from the bottom line.
The reality for politicians would be to reign them in from firstly making wild promises and secondly if they did fail to control the budget, they could be kicked out and replaced with others that would make it happen.
It's all pretty simple really....but someone needs to grow a pair, stand out from the crowd and sell the idea to the people.
I wonder if Nigel could do it ?
