February 21, 2009 - By BNP News

Britain’s national debt has climbed to a staggering £2 trillion, driven to that outrageous figure by the gaggle of incompetent Tory and Labour fools who have wrecked this country’s economy over a period of decades.

The bill means that each man, woman and child in this country “owe” £33,000 as their individual share for this monstrosity, generated by economic policies which have seen billions handed out to failed banks, foreign aid, illegal and immoral wars and the failed multicultural experiment.

Bank bailouts — where Labour has bailed out greedy speculators who invested in Third World immigrant American housing markets and so endangered the entire Western world’s stability – will make up a mind blowing 147 percent of national income, the worst figure since 1954 and one of the highest in the developed world.

The figures came from the independent Office of National Statistics, which said it was adding giant liabilities from two part-nationalised banks – estimated at between £1 trillion and £1.5 trillion – to existing debts.

The figure is so large that living and future generations are going to be crippled with this tax burden for longer than most dare predict. Official debt figures had already shown public borrowing spiralling to a new record, reaching £67.2 billion between last April and January. The deepening recession also led to a £7 billion fall in the amount of tax paid by individuals and businesses last month, compared to January 2008, leaving a hole in Government finances.

The figures were revealed as the Bank of England’s deputy governor said there was a “serious risk” of a decade-long downward spiral of the kind that crippled Japan in the 1990s. Sir John Gieve, who leaves the Bank at the end of the month, compared the government’s “footwork” in dealing with the collapse of Northern Rock as owing “more to John Sergeant than Fred Astaire.”

Sir John said that Mr Brown’s decision to order the Bank to use a measure of inflation that excludes housing costs had “done us no favours” when it came to controlling the house-price bubble. City experts said bringing the public finances back into order would mean cutting public spending by at least £60 billion – around ten percent by 2014 and £100 billion by 2020, as well as big tax rises.

Net debt as a proportion of national income, supposed to stay below 40 percent under the Government’s now-abandoned ‘golden rules’, reached 47.8 percent last month. The International Monetary Fund put America’s net government debt at 46 percent of GDP in 2008. Germany’s was 56 percent, France’s 55 percent and Canada’s 22.5 percent. Those figures do not include the impact of their own bank bailouts.

Gordon Brown has claimed that “Britain has been brought low by an economic hurricane nobody could have predicted.” This is, however, untrue as the BNP predicted the current events more than a year ago, in print and in speech.

Voters should also be aware that the financial disaster has been accumulating for some time now, and that the Tories are equally complicit in the gutting of Britain’s economy and manufacturing base – which would have offered the basis of the only way out of the current predicament.

Only the BNP has consistently argued for a protectionist economic policy designed to nurture British industry back from the deathbed and to protect British jobs from outside forces.