Every child in Britain is born owing £22,500 because of Labour’s Debt Crisis.

After a decade of economic mistakes, Gordon Brown is saddling this country with over £1 trillion of debt. Britain cannot afford another five years of Labour.

Britain’s debt burden will not be paid off by unspecified people at an unspecified date. It will be paid by us and by our children. It means families will have to work longer. It means we will all pay higher taxes.

Britain faces a grim future thanks to Labour’s borrowing. Families are facing a bill of more than £2,000 just to pay the interest on Labour’s debt. Our country will have to spend more on paying off the interest on the debt than on almost anything else. More than on the police. More than on prisons. More than on schools.

Our country faces a clear choice between irresponsibility under Labour and responsibility under the Conservatives.

The desire to give your children a better future is one of the most basic and most powerful human instincts of all. Yet every child in Britain is born owing £22, 500 because of Labour’s Debt Crisis. They deserve better. We’ve got to stop this Government before they bankrupt our economy and bankrupt our children’s future.

Gordon Brown’s Debt. Hasn’t it grown.

£23, 000 – What every man, woman and child now owes in Gordon Brown’s Britain.

Conservatives have launched a new poster highlighting the £6,000 rise in national debt for every person in the past year. Everyone in the UK now owes £23,000 – up from £17,000 a year ago.

Scottish Conservative Candidate, Ross Thomson, says:

“For over a yearnow it has been the Conservatives who have been saying that tackling our national debt is absolutely crucial to turning our economy round. Now everyone agrees.

“We made a huge deal of it with the baby poster we all remember. However, the situation since then has become progressively worse, and in the Pre-Budget Report the Government failed to face up to the problem and still does not have a credible plan to deal with it.”

“The national debt will be £23,000 for everyone in our country – every man, woman and child. That’s £6000 more than this time last year. If we don’t deal with it – which is the Labour approach – it will mean higher taxes and higher interest rates for everyone.”

In response to the Chancellor’s Pre-budget report, George Osborne MP, Shadow Chancellor of the Exchequer, said:

“The message to aspiring families from these tax changes is pretty clear. If you want to get on in life, if you want to own your own home, if you want to save for a pension or leave something to your children, then the Labour Party is not for you anymore.”

The Debt Facts

Every child will be born owing £23,000 in debt. Net government debt is projected to grow to £1,473,000,000,000 – almost £1.5 trillion – by 2014-15.

This is £6,000 more than a year ago. At the PBR last year, debt was forecast to rise to £1 trillion, or £17,000 per person.

Just to pay the interest on that £23,000 debt will cost everyone over £1000 per year. The cost of servicing government debt is predicted to rise to £63.7 billion by 2013, or £1,037 per person.

This year alone, Labour will add £2,900 to the debt of every child. Government borrowing this year is £178 billion[iii], or £2,900 in extra debt per person.

What you could buy with the interest on Labour’s debt:

If Britain wasn’t going to spend £63.7 billion a year on debt interest, we could:
· Abolish fuel duty, inheritance tax, and stamp duty or
· Abolish council tax or
· Pay for 1.5 million extra police officers or
· Pay for 1.6 million extra teachers or
· Pay for 1.9 million extra nurses or
· Cut the basic rate of income tax by over 13p.

Britain will spend more than twice as much next year paying the interest on Labour’s debt than on tax credits. The total budget for tax credits in 2010-11 will be £22.8 billion.

Britain will spend more than four times as much next year paying the interest on Labour’s debt than on the Olympics. The total budget for the Olympics is £9.35 billion.

Download the Labour’s Debt Crisis report at: http://www.conservatives.com/News/News_stories/2009/01/Labours_Debt_Crisis_campaign_launched.aspx