Following the 2010 general election, Chancellor George Osborne and Danny Alexander, his Lib Dem assistant, argued that Britain’s indebtedness was as bad as that of Greece. Our own Greg Mulholland has parroted the same line, trying, typically, to implicate the Labour party.
So British debt like Greece?
Well it wasn’t and it isn’t and it won’t be.
As it happens, neither important international organisations such as the International Monetary Fund nor national ones like the Institute for Fiscal Studies agree with Osborne and Alexander.
These organisations do think there is a problem with debt in the UK. There obviously is. Too many people have acquired too much personal debt in the guise of mortgages and credit cards, for example.
And, of course, the previous Labour government had to bail out the corrupt and corrupting banking system at the cost of hundreds of billions of pounds.
So what can be said…
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