Getting our economy moving in a positive direction is essential to each of us. Labour's uncontrolled spending spree has maxed out our nation's 'credit-card'. Gordon Brown's neglect of the economy left us all with a debt so large it costs us £120 million in interest payments daily. For every £4 that was spent £1 was borrowed – 25%!
The Coalition is absolutely right to make tackling the deficit its number one priority. If the deficit is ignored then it will add to the debt. As the debt increases the country is obliged to pay more in interest charges. The increase in these payments then adds to the debt. If this vicious cycle is left out-of-hand and unchecked our economy will nose-dive into bankruptcy. What happened to Greece could happen to us.
It does not take a rocket scientist to realise that Labour's plan for yet more borrowing and thus more debt will put our economy in the fast-lane towards collapse. We are in a debt crisis. We cannot solve it by trying to borrow our way out of debt.
Thanks to this Government borrowing costs have fallen to record lows, showing that international investors see Britain as a safe haven in the global economic crisis. This saves money for taxpayers, businesses and our families. Our interest rates are low, saving those with mortgages or businesses with loans thousands of pounds each year in interest payments.
Many of our Eurozone neighbours and the world's largest economy, USA, have been downgraded. The Chancellor's brave decisions meant our economy grew faster than the US's in the first nine months of last year, even though the US launched a huge fiscal stimulus. Since the general election half a million jobs have been created by the private sector and businesses have invested over £119 billion across the country.
The Coalition is determined to boost growth and I agree with the Chancellor's robust stance: a National Loan Guarantee Scheme; competitive tax system; cutting red tape; rebalancing the economy and increasing the number of apprenticeships.
I try to participate as often as I can in debates in the House of Commons that concern the economy. Recently I have written articles on National Pay Bargaining and how the abolition of it could drive growth in deprived regions.