“I’m afraid to tell you there’s no money left” was what was written on a note left by the previous Chief Secretary to the Treasury for his successor when the UK government changed after the last election in May 2010.
Since then the new government has been attempting to rein in spending, although he hasn’t been doing a great job of it – over this parliament the national debt will still rise by over £500bn, or £19,000 for every household in the country. Interest on this debt – money the Government has to collect in taxes but can’t spend on services – will more than double to almost £67bn, surpassing spending on the defence, transport, home office and justice departments combined.
Even so, some people think the relatively mild spending cuts, which restore government spending to where it was as recently as 2007, are an unbearable travesty which will take us back to the dark ages.
That’s why I’m attending the Rally Against Debt in London this Saturday, and I urge my UK readers to do the same. Here’s my placard slogan: “The Borrower Is Slave To The Lender” — Proverbs 22:7.