IT really is ‘scoundrel time’ when the bosses of the Office for Budget Responsibility (OBR) admit that Britain’s economy is increasingly vulnerable if not bankrupt, and that the time has come, for the sake of the survival of the ruling class, to unite with France’s Macron to try and save European and British capitalism at the expense of the living standards of millions of British and European workers.
The OBR is screaming that the triple lock on pensions, along with huge spending cuts must now be imposed as debts rapidly rise, with the demands for much higher defence spending, and the prospect of ‘an older and sicker population’ increasing pressure onto health services.
The Daily Telegraph is also screaming that working families are facing a ‘another £12bn tax shock’ unless Chancellor Reeves ‘vetos a post lockdown surge in health and disability benefit claims’.
The Telegraph issued a warning that pension funds and other investors were increasingly likely to shun the UK debt in favour of shares and other investments in a move that ‘could blow a further £22bn black hole in the Chancellor’s borrowing plans.’
It is warning about unsustainable spending commitments. Workers will be made to pay the bill! ‘Pension funds and other investors could blow a further £22bn black hole in the Chancellor’s borrowing plans.’
Labour backbenchers are pushing for higher wealth taxes to pay for a growing Welfare Bill, a move that the Premier in 10 Downing Street has refused to rule out.
The OBR’s bleak speculations come as borrowing costs over 30 years rose to highs of 5.47%.
The position of the Office for Budget Responsibility is that Labour’s turn around over winter fuel payments has secured nothing, and as the Office for Budget Responsibility observed, Labour was facing another £12bn tax shock and a further £22bn black hole in the Chancellor’s borrowing plans.
The OBR’s verdict was that successive Tory and Labour governments had failed to make any progress on tackling public debt. ‘The scale and array of risks to the UK fiscal outlook remains daunting.’
The OBR says that the Chancellor is now under extreme pressure, and can’t afford the array of promises that she has made to the public’ which itself faces a disaster.
The OBR report states: ‘The UK’s financial position is increasingly vulnerable by both historical and international standards, limiting the scope to respond to future economic and other shocks’.
Ahead is a period of an enormously sharp and revolutionary class struggle to decide whether the working class is bled white to pay the debts of capital or whether the working class is able to take the power and direct capitalism to its grave, after being replaced by a planned socialist economy.
The situation is crystal clear that there will be no class compromise, and that this class struggle will be fought to a revolutionary conclusion.
Now is the time to build the WRP and sections of the Fourth International worldwide.
Now is the time to build the WRP and a massive Young Socialist movement in all of the major capitalist countries to carry out the victory of the World Socialist revolution and to see capitalism into its grave and replaced by a worldwide planned socialist economy whose maxim will be ‘From each according to their ability, to each according to their need!’
There is no doubt that Capitalism is on the way out and must be replaced by a worldwide planned socialist economy.
It however will not just fade away, it has to be overthrown by a world socialist revolution that will lay the basis for a socialist society.
Now is the time to mobilise the youth and the working class of the planet. Build sections of the International Committee of the Fourth International worldwide.
Consign capitalism to the dustbin of history!
Forward to the victory of the world socialist revolution!
