George, You Too Can Call Free On (08008) 084000

Having just taken a look at the "World Debt Clock" it would appear that the United Kingdom is even worse shape than I thought.  Although I'm not exactly sure how accurate the statistics are, so take this post with a pinch of salt, but if this source is to be believe the UK has a higher public debt as a percentage of GDP than the United States, a country which is heading for face first into a currency crisis.

 We also have a higher debt percentage than Spain, a country which many expect will require a EU bailout at some point.  If we look at total public and private debt we have the highest percentage in the world bar Ireland (now the most indebted nation in the world), 4 times that of the USA & 1.5 times that of Portugal (the next suspected target for an EU bailout).

Whilst we aren't printing money, unlike the FED, thereby staving off total poverty for a little while longer, the UK still hasn't outlined any plans to deal with this problem.  As we all know public spending is still rising this year, the meagre cuts announced fail to actually address the debt problem, VAT and other tax increases are further damaging our nations ability to invest & produce, so what is the solution and does anyone honestly think that George Osbourne's next budget, which he claims will be "pro-growth", has any real solutions.

To be fair he does plan to borrow an idea from Thatcher and (re)introduce "enterprise zones" whereby certain locations will receive cuts in taxation and regulation in order to help stimulate investment.  My real question is that if they recognise the harm that government regulation and tax has on business then why not apply this theory and promote growth nation wide rather than in government allocated locations?

Even if George can somehow steer Britain back in to the winds of growth we still have to address the problems of public spending, reducing our deficit & maintaining the economy, majorly scaling back the state would be the best solution but obviously that won't happen, and overall I just can't see the welfare addicted public and spineless politicians keeping up the pace (if they can even get off the starting blocks).  Eventually the debt collectors will be hammering on the door of number 11 and it will be our wages and saving which will fill the treasuries empty piggy bank.