Euro mania

What going on with the Euro?

It’s basically simple they have spent money they haven’t got and now find they can’t afford to pay the debt interest instalments.

The UK is in a better position but sadly not much better, as we also have a major debt problem, which was a nice little parting thank you from the last Labour administration.

Our UK debt is currently being paid back to the tune of about £120Million per day, that’s the same as saying if we had no debt we could build a new hospital every day of the year, we are paying more in Labours daily debt interest payments than we do on our defence or schools.

Labours solution was to say we are cutting too fast and too deep a nice little phrase which caught on in the press, they also said we should spend more money.

The trouble is Greece, Italy and others did follow that route and their debts continued to rise to the point we are now at.

If debt got you into the problem how can more debt solve the problem?

We are better placed than most of the Euro countries and the USA simply due to the following  

The first nine months of this year, the UK economy has grown at the same speed as the US economy – despite the latter’s massive fiscal stimulus. ( the USA pumped in $Billions)

Since the general election, the UK private sector has created over half a million extra jobs

Yet the government in Greece is now finding problems to raise enough money to pay the wages of its public sector workers.

Even though Labour gave away our veto on bailouts and Labour signed up the UK up to a Euro bailout mechanism fund

 we have said

 No UK contribution to the Eurozone bailout.

 No IMF funding specifically for the Eurozone bailout.

We will protect Britain and if we had not had a credible plan 18months ago to rescue our economy, we would have been in the same firing line as Greece, Portugal, Ireland and Spain & Italy are now in.

We will also protect Britain’s interests in Europe strangely enough this approach now seems to be grabbing cross party support

Sandwell Tory said we can always follow Labours spend, spend, spend and go the same way as the other countries