The deficit is now down by more than half under this Conservative led Government.
The independent Institute for Fiscal Studies have said that Britain’s debt would be £90 billion higher under Ed Miliband – and that Labour and the SNP have the ‘same’ overall plan for borrowing.
The latest figures the Conservative led Government spends are out and they show our plan is working – the deficit is now down by more than half under this Conservative led Government.
When the last Labour government left office, Britain was borrowing one in every four pounds it spent, putting the country’s economic security in serious danger. The deficit was at a record 10.2 per cent of GDP.
Now because of the difficult decisions we have taken – and thanks to the hard work and patient sacrifice of the British people - that deficit is now down by more than half (4.8 per cent of GDP with borrowing even lower than was forecast just a month ago in the Budget). We’re paying less on debt interest than last year - and raising more in tax because incomes are rising.
Mims Davies says, “All this has been achieved over the past five years, but it could be lost in one day if Ed Miliband ends up in Downing Street, propped up by the SNP. Their plans for more spending and borrowing would hit you in the pocket through higher taxes. You will pay for it – but you can stop it: vote Conservative in Eastleigh Constituency on 7 May.”
The figures in full
- Borrowing last year (2014-15) was £87.3 billion - this is £11.1 billion lower than the year before and 2.9 billion lower than the independent OBR's estimate in the Budget just last month.
- Debt interest payments in March were £1.6 billion less (61.8 per cent less) than in March last year.
- Tax receipts in 2014-15 increased by £22.6 billion (3.9 per cent) on the year before, just above the forecast - so the recovery is delivering rising incomes and rising tax receipts to help reduce the deficit.
The IFS have published a briefing on party manifestos this morning.
They say that Britain’s debt would be £90 billion higher under Ed Miliband – and that Labour and the SNP have the ‘same’ overall plan for borrowing.
Voters should note the IFS have said : ‘Debt would be about 90bn more in 2019-20 if Labour's plans were implemented than if the Conservatives plans were implemented. Higher debt entails higher debt interest payments, and would potentially leave the government less well placed to deal with future adverse events’.
Promoted by Judy Jamieson, on behalf of Mims Davies, both of Eastleigh Conservatives, The Hill, Upper Northam Close, Hedge End, Southampton SO30 4BB