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I have zero doubt that we must deal with our debts now to ensure prosperity in the future. Labour left us with a terrible economic legacy: the largest peacetime deficit in our history. The state is borrowing one pound in every four that it spends, and every day it costs almost £120 million just to pay the interest on the nation’s debt. The consequences of not acting are serious: higher interest rates, business failures, rising unemployment, and even potentially the end of the recovery.
The scale of the deficit has required the Government to make
tough choices about how taxpayers’ money is allocated. In its approach to these
choices, the Government has prioritised: 
None of this will be easy, and many people will be concerned by the changes. We will need to ensure that where cuts are implemented, they do not compromise the delivery of services. But what is inescapable is the fact that for years we have followed a spending plan that was based on artificial growth bubbles that were never going to last. It was a spending programme that could never be sustained, and as a result, we have to do all we can to get a lot more from a lot less. Further reading:
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