THE British National Debt has almost tripled in the period between 2005 and 2025, outpacing all the other major capitalist states.
Britain now has a £2.9 trillion debt, costing another £100 billion a year more in interests payments.
Labour’s Chancellor Reeves is preparing for her budget next month with the City expecting and demanding savage cuts.
City analysts are already advising to expect a ‘fiscal event’ on a similar scale to last year’s £40 billion tax raid by Chancellor Reeves.
The City of London meanwhile fears that Britain could be moving perilously close to a ‘doom loop’, whereby high debt costs and low growth force the Chancellor to raise taxes to service borrowing, damaging the capitalist economy in the process and forcing yet more tax rises and galloping inflation.
The government and the Bank of England are relying on private investors to finance around £200 billion of borrowing next year.
In fact, the UK’s National Debt is growing at the fastest rate of any ‘rich’ country.
Debt has tripled in two decades, and the failure by successive governments to live within their means has left the UK with a £2.9 trillion debt mountain, that the working class is going to be urged to pay for in the period directly ahead. It must refuse any such offer and respond by forcing the TUC to call a general strike to put an end to capitalism.
Matthew Beasley of the Jupiter Fund Management has urged the Chancellor to ensure a budget that puts public finances on a firmer position.
Beasley added for good measure: ‘The government needs to both raise taxes and/or cut spending.’ He wants the workers to pay for the bosses crisis!
He added: ‘The key thing is to be bold. If there are just enough cuts or just enough tax rises to just about balance the books then this debate and this crisis will resurface and the government will remain in hoc to the Bond Market.
The government and the Bank of England are relying on private investors to finance around £200 billion of borrowing this year – that is if they are willing take the risk of going broke.
The UK is heading for a crash, as the UK bosses and bankers go bust!
There is no doubt at all that what is required for this crisis to be resolved, is for the working class to take action to force the TUC to call a general strike to get rid of the Starmer ‘reformist government’ and replace it with a Workers Government.
The reality is that on a worldscale the capitalist system is going under and at a fantastic rate!
The issue is that the working class must not just stand by and watch, and hope that something or other turns up.
The working class must demand and force the TUC to answer the bosses offensive and their massive attacks by calling a special Congress of the TUC to call a general strike to bring in a workers government and socialism.
The truth is that with capitalism on its knees, the time is more than ripe for the UK working class to take the lead and insist that the TUC must call a general strike or face replacement by those who will!
We need a general strike to bring down the Starmer regime and bring in a Workers Government that will nationalise the banks and the major industries to bring in a socialist planned to satisfy the needs of the working class and the majority of the people.
Capitalism is in a desperate crisis. Now is the time for the organisation of the world socialist revolution to smash capitalism and bring in a worldwide nationalised and planned socialist economy that will be willing and able to satisfy all of the needs of the working people.
Capitalism is a backward and out-of-date system that must be dumped into the dustbin of history and be replaced by a Worldwide Socialist Republic that will be able to satisfy all of the needs of the working class!
