At the time of the global credit crunch, most people are having to cut back not only on the luxuries, but also on essentials. It’s a pity that the government hasn’t bothered to learn the basic lesson of fiscal management…. namely that one doesn’t spend more than one has.
Official government statistics revealed that public-sector borrowing is currently at its highest for nearly 60 years. For this financial year alone, they have borrowed a staggering £37billion- the highest since records began in 1946.
The government should immediately put forward a plan to cut spending. There are some easier targets:
- Plans to bail out large parts of the banking sector;
- The unpopular identity card scheme;
- Every major government information technology project;
- Abolish all perks for Members of Parliament and impose a maximum wage;
- Clear out all the non-jobs in the public sector;
- Recall all troops from Iraq and Afghanistan.
The point is that there is plenty of fat which could be sliced at a stroke and which would benefit the country in these times. The question is… will the government listen?