Britain's Debt Positions Worsens

Britain's Debt Positions Worsens

Iain Dale 3:08 PM

The IMF has today released figures comparing the budget deficits of the G20 nations. Guess who has the biggest? Got it in one. Our budget deficit will reach 13.3% of GDP in 2010. Our national debt is growing proportionately faster than other countries, too.

Can it be much longer before our credit ratings are downgraded? That's when a drama really does become a crisis. George Osborne has just issued a statement which ends: "Gordon Brown's denial of the truth about the debt crisis and the need to cut spending whoever wins the election is doing serious economic damage to Britain's recovery.” He's right.

Labour Donations Mask the Real Figures

Iain Dale 4:34 PM

It seems that the Labour Party have the same approach to their own balance sheet as Gordon Brown has to the nation's finances. The papers have reported this morning that in 2008 they raised more money than the Tories. Er, not so. They only got to the figure of £34 million by reshaping their balance sheet to make it look better than it really is. £4.6 million of the £34 million was a VAT rebate. A further £2 million was a loan converted into a donation by Lord Sainsbury. When you take into account the amount of money they receive from the unions, the figures don't look quite so healthy. Indeed, it seems J K Rowling was their biggest donor in 2008.