Deficit And How To Beat It.

Tim Congdon CBE 
– UKIP Economics Spokesman.

 Sir Geoffrey Howe, Nigel Lawson,
Norman Lamont,
Kenneth Clarke, Gordon Brown
 How much did they borrow  each year of their Chancellorship? 

• £11.3 billion
• £8.1 billion
• £24.4 billion
• £37.8 billion
• £19.4 billion 
 The spendthrifts How much did they borrow  each year of
their Chancellorship?
 £167.9 billion. Labour is to blame for causing the mess.
The Conservatives are to blame for not sorting out the mess they inherited.
A national debt of almost £1,400 billion means that the British government has incurred debt for each household of over £50,000.
Interest has to be paid on that debt – and the British public has to pay tax in order to cover the  debt  interest. The more  debt,  the more debt interest and the more tax.  How should we describe our  Conservative Chancellor of the Exchequer?
How should we describe our 
Conservative Chancellor of the Exchequer?
 ‘The £100-billion-a-year man’
 With 26 million households in the UK, that means that every household is running £4,000 a year more into debt because of
George Osborne's budget deficit. What does UKIP want? 
- A return to a balanced budget within the lifetime of the next Parliament (i.e., by 2020),
- We are the sound finance party, and
- Britain must be a triple-A nation. How is the deficit to be reduced?   • Maintaining unremitting control of public expenditure, including the prevention of waste and unnecessary infrastructure projects (such as HS2), and
• Pursuing public sector efficiency, so that spending is on frontline services, not the administrative overhead.
Of course – but UKIP has two ‘unique selling points’ over the three old parties:
The first unique selling point is that we want Britain out of the European
Union, and that means we would save at least £12bn. a year by cancelling our EU contribution.
The second unique selling point is that, by leaving the EU, we would liberate business – small and large – from the EU regulatory burden. The businesses destroyed by EU regulation would come back, employment and
output would grow faster, and tax revenues would therefore be stronger.  A UKIP policy to balance the budget over five years Savings in £ billions.
Leaving the EU, saving on our contribution, and reducing foreign aid - (Over 1% of GDP)  20
Tax revenue from faster trend growth of the
economy as businesses destroyed by the EU 20
return and pay taxes (3% increase in trend output, extra tax 1.2% of GDP.)
Maintaining tight expenditure control, avoiding waste and unnecessary infrastructure projects 25 (1 1/2% of GDP)
Cyclical recovery of the economy, boosting tax revenues  and reducing benefits 14 (2% above-trend growth, extra tax of 0.8% of GDP)