The Economy: Is New Labour now beyond redemption?

There have been some great trials in the history of mankind. Nuremberg was one, set-up to determine the guilt of various Nazis. Another has been going on for the last 12 years. This was whether the Labour Party is capable of running an economy and not destroying it. In essence, whether the Labour Party could ever credibly be a party of Government. Initially it managed to hoodwink the public, remarkably, for three successive general elections. However, as the final curtain calls, in this great trial it has inextricably failed. Miserably. It spent with no caution. Its expenditure had no control or accountability. Whilst millions were pumped into public services, there was no account of whether expenditure was used efficiently or viable over the long run. Whilst continuing to spend for public services, it lost billions of pounds to the service industry in order to forge ineffectual public-private partnerships. It pretended to have it all under control by creating fake fiscal institutions like the FSA with no teeth. It made the Bank of England independent, but did not assess its lending through the Treasury.

More shockingly, now, as the country continues to spiral into debt, its extravagant spending reaches new unlimited bounds. With an IMF bailout looming, the Labour party has a secret plan to buy votes irrespective of damage caused to the nation. Highlights include £500M set aside towards environmental policies, part of which will be used to create wind-farms. Millions of pounds will be spent on giving motorists money to buy new cars. Vat will rise, causing a fluctuating tariff that will lend towards consumer uncertainty.
Despite thousands of people losing their jobs, these are the Labour Government’s priorities. Are these the signs of Government that is not only completely incompetent, but in fact going mad? The worst part of this is the immoral introduction of a 50% tax bracket, to continuously feed the extravagance. A failing public-sector, which is relied upon by many that cannot, for whatever reason, endeavour to take self-responsibility for their own health or the schooling of their children, is to be assisted in its destruction by financial assistance. Those most needing public sector support will inevitably, due to inefficiencies encouraged by extravagant funding, get the worst services. The Labour Government has failed to realise that funding without accountability leads to waste. The public debt now is the worst in British history since the establishment of the Bank of England over three hundred years ago. The economy will take decades to repair, and a balanced budget or surplus are not unlikely to come about within the next decade. Billions spent to create and expanded public sector will go to waste as the income will no longer be present to support the projects the Government created. Like the ones at Nuremberg, the current indictment, is one that will not be forgotten. The Labour Government has proved, without doubt, that it cannot run a modern economy. It will be dangerously negligent, destructive, and doing the UK enormous disservice for anyone to vote Labour in next years General Election.

APG Pandya
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Birkenhead Society