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Nick Lincoln: Debate at Institute of Economic Affairs (IEA)

Wednesday, December 10, 2014 8:45

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This is a reblog of UKIP PPC for Watford Nick Lincoln’s write-up of the IEA meeting I attended yesterday in Westminster. I shot the video clip below of Mark Reckless’ contribution, during which he notably states that a UKIP Government would abolish DECC.

The subject was Chancellor George Osborne’s Autumn Statement of the previous day.

Leading MPs from all the main parties were present, including our own Mark Reckless. The recurring theme of the debate was the deficit and the public sector debt.

For those that don’t know – and this includes our Prime Minister – the deficit and the public sector debt are two different things.

The deficit is the annual shortfall between what Government brings in via taxation and what it spends. If the Government spends more than it brings in then you have a deficit; in the current fiscal year the deficit will be £91.2 billion.By way of example, if you have been living beyond your means, the deficit is the extra amount you have put on your existing credit card balance, to help fund your lifestyle over the previous 12 months.

Public sector debt is simply years and years of accumulated deficits, all totalled up. In other words, it is your total outstanding credit card balance, including the extra added on over the past year. Public sector debt is estimated to be around £1.4 trillion by May 2015. Staggering.

As I said in a press release issued yesterday:

“The state of the economy is of vital concern to the people of Watford.

Like the Labour administration that preceded it, this Government continues to borrow to spend. It is digging future generations an even bigger debt hole. In the current fiscal year alone the coalition will add over £91 billion to the existing debt.

One day this debt of almost £1.4 trillion will have to be repaid. More and more taxes will be levied on the residents and businesses of Watford – and their children and grandchildren!

The panel debate the state of the British economy

As a nation we have to ensure spending matches income, as any prudent household would. Government spending must be directed to British people for British causes, not wasted on indiscriminate foreign aid and membership of the EU.

From this morning’s debate it is quite clear that the three failed legacy parties think it is business as normal. It is not. Action on the deficit and the debt must be taken now.“

Source: https://tallbloke.wordpress.com/2014/12/05/nick-lincoln-debate-at-institute-of-economic-affairs-iea/

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