Britain's Trillion Pound National Debt Crisis: A Problem only the British National Party Can Solve
Britain's national debt has topped the £1 trillion mark, but could be as high as £8 trillion, according to a statement by the Taxpayer’s Alliance. The lower estimate of £1 trillion equates to £40,000 for every household in Britain.
The national debt is incurred by government borrowing from private financial institutions in order to finance its business. An annual government deficit refers to the difference between government receipts and spending in a single year.
According to the Taxpayers´ Alliance, the £1 trillion is likely to be an underestimate because it does not include the costs related to mortgages, credit cards, loans and public sector pensions.
Britain's outrageous national debt crisis is due to consecutive Labour and Tory governments’ policy of huge spending and borrowing. Inevitably, this leads to the complete collapse of the credit-based economy.
The credit crisis was further confounded by the Labour government's temporary delay of the economic collapse through renewed borrowing, meaning that when the collapse did come, Britain faced even greater unprecedented debt levels.
In fact, the inevitability of the crisis was a foregone conclusion when Britain switched from a prosperous manufacturing economy to a “soft service” sector economy.
In the 1950s and 1960s, Britain's economic growth was based on the principle of a thriving manufacturing sector output which employed large numbers of skilled British workers.
This workforce produced consumer items for domestic consumption and for export. This has now been replaced with a soft service sector industry, focused around services such as communications and the financial sector.
As the services industry came increasingly under the ownership of the financial sector, it was forced to outsource many of its functions to so-called “developing countries” where wages and rates are significantly lower.
A recent example of this came with the statement by John Neilson, managing director of NHS Shared Business Services, that “millions of pounds could be saved by outsourcing health administration overseas to India.”
The outsourcing of our healthcare industry is a direct result of economic mismanagement by the Government, which has decimated our manufacturing industry and allowed financiers to seize control of our major sized companies while speculating on wealth that was not real.
Consequently, the British taxpayer will suffer with poor health services as the NHS moves more of its operations abroad.
The only way in which Britain’s economy can once again be made sustainable is through the promotion of a reinvigorated manufacturing industry.
A British National Party government will ensure that Britain follows a policy of selective exclusion with regards to foreign-made goods and will aim wherever possible to reduce the number of foreign imports.
Furthermore, we will ensure that our manufactured goods are, wherever possible, produced in British factories, employing British workers, and that there are positive tax incentives for companies to stay in Britain rather than relocating abroad.
Only when these measures are in place will unemployment be brought to an end, enabling secure, well-paid career paths to flourish once again.
Read more on the British national Parties economic policies here BNP Economic Policy