CLLR. JOHN BELL – BROWN’S ECONOMY BUILT ON DEBT & A DEREGULATED FINANCIAL SYSTEM
Claims by Tameside Labour’s Cllr. John Taylor that “good old fashioned socialist principles” have come to the rescue of the world’s banking system have been derided by Tameside Conservatives.
In a letter to the local press, Cllr. John Bell, the Tameside Conservative Leader, placed the blame for the crisis solely with Gordon Brown.
Cllr. Bell said, “For over a decade Brown boasted about his “frugal” economy, but it was an empty boast, with an economy built on a foundation of personal debt, fuelled by a financial system deregulated by the so-called Iron Chancellor.”
Cllr. Bell attacked Brown’s failed record, which included:
£20 billion for a failed NHS computer system;
£5 billion wasted by Tax Credit cock ups;
£13 billion overspent on the Eurofighter; and,
£110 billion committed to financially wasteful PFI projects.
Cllr. Bell noted, “In the same period our national debt increased by 25 per cent to £581 billion, and an estimated ONE TRILLION pounds was wasted by Brown and his cohorts. It was a situation that one political commentator called, “…a sorry spectacle of ever-shifting policies, apparent stupidity and inveterate incompetence that is probably unequalled in British history.”
Cllr. Bell also highlighted how Brown ignored expert advice and sold half of Britain’s gold reserves in 1999, “…when prices were at a 20-year low, costing Britain an estimated £2 billion.” The infamous event became known as “Brown’s Bottom”, and today, gold prices are at a record high.
But as Cllr. Bell ominously asked, “What’s £2bn to Brown and his “good old fashioned socialist” friends in Government? As one finance expert noted, “Two billion here…two billion there. Pretty soon, you’re just funding a war in the desert or paying disability allowance to one-in-four people of working age.”
With inflation higher than it was in 1997, the country’s stock markets in free fall, unemployment set to pass the two million mark, and recession imminent, Cllr Bell said, “People have every right to ask, “What happened to our trillion?” But do Labour care? Not when they can dip into OUR pockets at will to save the day. If these are the “good old fashioned socialist principles” that Councillor Taylor is so proud of, then he should hang his head in shame.”