UK on verge on bankruptcy, says Osborne
UK on verge on bankruptcy, says Osborne
Wednesday 26th November 2008
Responding to the chancellor's pre-Budget report yesterday, Mr Osborne said that the programme of VAT cuts and tax giveaways, designed to haul the country out of financial hardship, would actually "make the recession worse".
Mr Osborne claimed that Labour's decision to encourage spending through more public borrowing was irresponsible in light of the major debts already hanging over the nation.
He added: "[The chancellor] is going to double the national debt to £1 trillion.
"A national debt that has accumulated over centuries is going to double in just five years. That is the bill for Labour's decade of irresponsibility."
Recent figures show that individual insolvencies reached 27,087 in the third quarter of the year – an increase of 8.8 per cent.
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