Saturday, 13 November 2010

UK has been banrupted by its profligate poltical class

I am grateful to Major Warry for sending this link to an outstanding Channel 4 documentary that went out on Thursday on the dire financial state of the UK. It lasts almost 90 minutes but is a must watch for anyone who cares for the future of our country. It covers a huge amount of material but the fact that C4 commissioned and paid for this high grade documentary illustrates why we need to rebalance our economy in favour of the private sector. The bloated, overpaid, smug and self satisfied BBC has never made anything half as good!

The programme showed up the complete ignorance of our MPs about the size of the UK National Debt, the official figure and the much larger figure of £4.2 trillion that includes public sector pension liabilities. Most MPs arrogantly confused the National Debt with the Budget deficit!

More worrying was that we now have an inbuilt payroll vote in the UK that ensures we will wade further into bankruptcy. Shades of France before the French Revolution. Revolution is the only way out of this political bind we are now in and which consigns us to worse and worse services from our public sector monopolies principally the NHS and Education.

One man, John Cowperthwaite managed to set up a small state economy. He did it when he was Financial Secretary of Hong Kong in the 1960s. Hong Kong has now a bigger per capita income than the UK and 20% income tax. We have the EU MEPs demanding more and more tax to fund a bigger and bigger state. Unless something changes soon we are as John Laurie used to say, doomed!

I switched on the BBC News tonight to hear Ireland has asked for EU help in the 50bn € range just like Greece. So all the denials were as usual untrue. Yet still the EU MEPs demand more money to fund their lavish life style and Frumpy's new and unecessary Foreign Service. We will see blood in the streets soon.

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