Cameron’s speech and the truth on government debt
I’d appreciate it if someone (maybe a Tory) could reconcile David Cameron’s conference speech with the facts about public debt in the UK.
Cameron repeated a claim the Tories have been making for a while now:
So we will rein in government borrowing. You know what that means. The country needs to know what that means. And it has a lot clearer idea now, thanks to that fantastic speech by George Osborne on Monday, one of the finest speeches made by any Shadow Chancellor. Sound money means saving in the good years so we can borrow in the bad. It means ending Labour’s spendaholic culture …
But this table from Eurostat clearly shows that the UK’s government debt lags well behind most of Europe (the Eurozone average is 66%, the EU average is 59% and UK debt is 44%) and actually fell very low during the height of the recent boom. Or maybe it’s just a case of “if rubbish gets repeated often enough, people will begin to believe it”.