Government to borrow even more - kids to pay it back
The Chancellor has promised voters they will not face bigger tax bills as the Government battles the effects of the credit crisis. Alistair Darling said that Labour would not seek to fill holes in the public purse caused by the economic downturn by raising income tax, as people were already "hard-pressed". Alistair Darling promises not to raise taxes Mr Darling has said he refuses to consider reducing public spending As he dismissed calls from his party's left wing for a new 45 per cent tax rate for the highest earners, Mr Darling said: "This is not the time to be imposing additional burdens." However he also refused to consider reducing public spending, saying: "This is not the time when you would want to be taking money out of the economy." He conceded that the Government may have to fall even further into debt by borrowing more. Mr Darling's comments came as he prepared to tell the Labour party conference that the world economic crisis must be fought like the war on terrorism. In his speech to delegates, the Chancellor will say that Britain must lead the world in efforts to fix the international economy, which has been severely damaged by the credit crisis. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/22/bcndarling222.xml So now they're going to "lead the world" in the War on Debt, and he's starting by borrowing even more money for our children to pay back down the line. The last Labour government (under Callaghan) had to go cap in hand to the IMF for emergency funding. Can we genuinely rule out a repetition?
The Chancellor has promised voters they will not face bigger tax bills as the Government battles the effects of the credit crisis. Alistair Darling said that Labour would not seek to fill holes in the public purse caused by the economic downturn by raising income tax, as people were already "hard-pressed". Alistair Darling promises not to raise taxes Mr Darling has said he refuses to consider reducing public spending As he dismissed calls from his party's left wing for a new 45 per cent tax rate for the highest earners, Mr Darling said: "This is not the time to be imposing additional burdens." However he also refused to consider reducing public spending, saying: "This is not the time when you would want to be taking money out of the economy." He conceded that the Government may have to fall even further into debt by borrowing more. Mr Darling's comments came as he prepared to tell the Labour party conference that the world economic crisis must be fought like the war on terrorism. In his speech to delegates, the Chancellor will say that Britain must lead the world in efforts to fix the international economy, which has been severely damaged by the credit crisis. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/22/bcndarling222.xml So now they're going to "lead the world" in the War on Debt, and he's starting by borrowing even more money for our children to pay back down the line. The last Labour government (under Callaghan) had to go cap in hand to the IMF for emergency funding. Can we genuinely rule out a repetition?