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150111debt-labourvcoalition

The Coalition has borrowed more than four times more, every year, than what Labour did, on average, according to Richard Murphy at Tax Research UK – writing in opposition to a claim by David Cameron that Britain will be on the “path to ruin” if Labour takes charge of the public finances.

Cameron is clearly trying to steal the “Road to Ruin” label that was applied to a now-infamous Tory campaign poster and throw it back at Labour. His problem is that he has dud ammunition.

Mr Murphy writes: “It’s very hard to see how one man can get as much wrong as David Cameron can in the repeated sentiment he has to offer to the UK.

“But the evidence is clear: every single word of what he has to say is deeply misleading because it is so wrong.

“After five years in office all he has learned is that keeping repeating the misinformation is the only policy he can find that he still thinks worth pursuing. And, unfortunately, some still believe him.”

Mr Murphy points out that:

  • In five years the Coalition has borrowed more than Labour did in 13, by a considerable margin.
  • And there wasn’t an unforeseen banking crisis on the Coalition’s watch.
  • We have no gilt crisis.
  • We have no affordability crisis.
  • And we have a lost opportunity to invest at rates lower than we have almost ever known, which lost opportunity is why we have an economic crisis.

Read his article on Tax Research UK – and throw Cameron’s Guardian comments in the bin.

Follow me on Twitter: @MidWalesMike

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