Don't click through to the linked post if you are offended by bad language or economic mismanagement. Frankly, the details of the latter are so shocking, that you will be a sensitive soul indeed if you even notice The Devil's Kitchen's foul language. Such is the scale of New Labour's
prudence economic ****wittery.
The Office for National Statistics (click graph to the left to enlarge) shows the National Debt as a percentage of GDP. In a sustained period of GDP growth, one might have hoped for a prudent government to reduce that proportion. Indeed, while honouring its first term pledge to keep to Conservative spending plans, Labour did so. The story has been rather different in the second and third terms; Labour's "Post prudence years."
After some googling, I was able to find figures for UK GDP since 1997 and make the graph below (click to enlarge). This shows GDP from 1997 to 2005 (no figures are yet available for 2006 and 2007).
If the government is spending £60 billion more than it takes in tax at the end of such a good economic run, imagine the carnage when GDP growth turns down. It is hard not to share DK's view that;
They are spending money like they are just trying to empty the piggy-bank as swiftly as possible so that whoever takes over from them is utterly ****ed.
By the way, you may be amused by a screen shot (below, click to enlarge) of what happens if you try to find the above basic data on the Office for National Statistics site.
To add to all this, our darling Chancellor has further increased the National Debt by underwriting the obligations of a failing bank. It is difficult to discern what relationship this bears to his puppet-master's famed "prudence." The consequences of Northern Rock being allowed to fail (with the established depositor protection for the small savers) would have been as nothing, compared to the mess we are wading into now.
When the government removes the lampposts in London on "global warming" grounds and makes private ownership of ropes illegal for "health and safety" reasons, we will know that they know they have been rumbled.