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Cuts will be deeper
SO THAT’S it then, the party conferences have ended. All of the parties seem quite content for our huge borrowing to continue so that by the next election our national debt will be nigh on £1.5 trillion, which is 100 per cent of GDP.
Remember that wee Gordie Brown, the Chancellor who apparently saved the world from financial meltdown, had one of his golden rules for economic stability that national debt must never be more than 40 per cent of GDP.
There will eventually be a day of reckoning when our creditors will stop lending us more money and will want their debts repaying. Who will we turn to then when our cuts will have to be deeper than Greece and Spain?
Geoff Robb, Hunters Close, Dunnington.
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