Brown’s Borrowing Bonanza mortgages Nation's future

29th September 2009

Coventry’s Conservative team have slammed Gordon Brown’s address to the Labour Party conference as lacking in detail and contributing to the massive debt that Labour are building up. The Country's national debt went up by a staggering £21m during Gordon Brown's speech alone as national debt now increases by £6000 per second. In the speech the Prime Minister pledged to himself to a raft of spending commitments without justifying how he was going to pay for them.

Speaking after his speech Conservative Parliamentary Candidate for Coventry North West, Cllr Gary Ridley said;

"During Gordon Brown's speech the national debt of this country increased by £21m and he used that speech to outline more and more ambitious spending plans that he can’t possibly fund. Every second £6000 is added to the unsustainable debt mountain that has been built up by Labour which will inevitably impact on the nation’s ability to fund services. By 2010-11 we will be paying out £40bn a year in Interest repayments and that's double the entire cost of the Home office and Justice ministry combined."

He added;

"Gordon Brown is mortgaging our future and Coventry people deserve to know how he is going to balance the books. The Prime minister has already announced a National Insurance Tax hike but where will the shortfall come from.

Conservative Parliamentary Candidate for Coventry South said;

"Many Coventrians will like me feel they have heard all this before. Big promises, lots of soundbites, but no real ideas about how he will tackle the mess he has created. In past speeches he used to boast about "no more boom or bust", yet all the time the Banking system was careering to disaster. Change is needed, but Gordon Brown and a team that has lost the will to live are not the people to deliver it."

At their annual party conference next week Conservatives will outline a series of measures that would help to stimulate the British economy whilst keeping debt at a more sustainable level. These measures would include, a national loans guarantee scheme designed to get credit flowing and save jobs, abolishing stamp duty for nine out of ten first time buyers and reforming income tax for savers and pensioners.