Gordon Brown’s appointment to the ‘World Economic Forum’ is causing quite a stir.
One wonders what kind of pig in a poke these guys are buying.
Brown regularly used smoke and mirrors to disguise his ineptitude. Not least debt as %age of GDP. But as governments borrow more to spend then that spending adds to GDP, so its inevitable that the extra spending as a %age will not show up as as a high a figure as it perhaps deserves. The harsh numbers are a better guide.
Public Net Debt was £348 billion in 97/98 (and set to plateau and dip thereafter – thanks to Tory spending plans). In 10/11 it was £772 and sky rocketing.
Socialists are totally disingenuous in their cherry picking of statistics. Debt having dipped to £312 billion in 2001, it then started its inevitable Brownian rise despite what we were told was growth.
By 2005 it was £425 billion. By 2008 it was £525 billion.
So lets be clear — the brilliant policies of Gordon Brown -skills which various august bodies claim to value (well he IS coming free) – added £213 billion to our national debt in times of alleged prosperity. Within another 2 years he was going to add virtually another £250 billion!
All this getting on for £500 billion of debt was going to do do something to the GDP – but the ugly debt is still there even if you cover its face with a sack