Cameron takes EU gamble as debt rises

David Cameron has taken a gamble with his EU referendum promise but today stands accused of lying on the extent of the public debt.

The Prime Minister yesterday said he would seek to renegotiate the United Kingdom’s position in the European Union and put the results to the people with an ‘In with revised terms’ or ‘Out’ question by 2017 – assuming he is re-elected.

However, in answer to a question from the BBC’s Nick Robinson, Mr Cameron was somewhat hazy on what would happen if his re-negotiations did not reach his aspirations.  Indeed, no-one knows what criteria he has set down by which to measure success.

Christian Voice believes Britain’s membership of the EU to be incompatible with her majesty’s coronation oath and the UK’s consequent constitutional position as a nation under Almighty God in Jesus Christ.  We also see the EU as expensive, meddling, bureaucratic, oligarchical, corrupt, inefficient and pretentious.  So we shall watch the political debate with interest.

Following Mr Cameron’s speech, the Conservative Party ran a party political broadcast last night in which Mr Cameron said: ‘So though this government has had to make some difficult decisions, we are making progress. We’re paying down Britain’s debts.’

Fraser Nelson, writing in the Spectator, immediately accused the Prime Minister of lying:

‘David Cameron’s policy is to increase Britain’s debt by 60 per cent, more than any European country. To increase it more over five years than Labour did over 13 years.  Just yesterday, we learned the national debt had hit £1,111 billion and it’s heading to £1,400 billion.

‘By no stretch of the English language can this be described as “paying down Britain’s debts.” What Cameron said is not an exaggeration. It’s a straight falsehood, and one that demeans his office. He has previously used different language, saying that he is “dealing with the debt”.’

Mr Nelson says that people interviewed for the broadcast were asked to guess ‘how much the deficit is going down by’.  He says: ‘They guess low figures – 2 per cent, etc – and are then told that it’s actually 25 per cent. Then they say how impressed they are with the Tories. Have you spotted the trick? No normal person knows what “deficit” means, nor should they.’

But according to the Office for National Statistics:

‘Public sector current budget deficit was £15.8 billion in November 2012; this is a £1.0 billion higher deficit than in November 2011, when there was a deficit of £14.8 billion.’

Figures like that do not seem to imply a 25% reduction.

The Public Sector Finances for the end of December 2012 were released by the ONS two days ago (22/01/2012).  They reveal that Government borrowing under the Coalition is rising year-on-year by every indicator:

• Public sector net borrowing was £15.4 billion in December 2012; this is £0.6 billion higher net borrowing than in December 2011, when net borrowing was £14.8 billion.
• Public sector current budget deficit was £13.0 billion in December 2012; this is a £0.5 billion higher deficit than in December 2011, when there was a deficit of £12.5 billion.
• For the period April to December 2012, public sector net borrowing (excluding the capital payment recorded as part of the Royal Mail Pension Plan transfer in April 2012) was £106.5 billion; this is £7.2 billion higher net borrowing than in the same period the previous year, when net borrowing was £99.3 billion.

In Tables 1 & 2, the ONS show that Public Sector Net Debt (PSND ex) has not decreased, as Mr Cameron and Mr Clegg appear to be claiming, but has risen in the financial year to date from £1,010 billion at 31st December 2011 to £1,111 billion at 31st December 2012, as Mr Nelson said.  That is an increase of 10.1%, up from 66% to 71% of Gross Domestic Product.

Borrowing one’s way out of a recession is Keynsian economics, named after the promiscuous homosexual economist John Maynard Keynes.  We know that government debt is paid back by our children and grandchildren.  No such considerations bothered Keynes.  ‘In the long run we are dead’, he said.

In contrast, financial security is said in Deuteronomy to be a blessing from God to an obedient nation:

Deut 15:5  Only if thou carefully hearken unto the voice of the LORD thy God, to observe to do all these commandments which I command thee this day.
Deut 15:6  For the LORD thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee.

The United Kingdom is both borrowing from other nations and international bankers and allowing other nations to rule over us.

Moses was told to appoint ‘able men, such as fear God, men of truth, hating covetousness’ as rulers (Exod 18:21).  If Her Majesty the Queen followed that principle, the available pool of ministers would, on present evidence, decrease sharply.

Please sign our Petiton for a referendum and an EU exit

Post script. In contrast to Government profligacy, households are making considerable headway clearing their debts, with the amount owed on personal loans dropping to its lowest level in 14 years, according to a report from the Britiah Bankers Association.

The total balance owed by consumers on all personal loans fell to £34.5billion in December, the lowest figure seen since August 1999 and almost half its pre-financial crisis peak.  See: thisismoney.

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