THE UK’s National Debt has risen to more than £3 trillion after the UK government was forced to borrow much more than it had expected!
The Labour government is now borrowing at a rate of £4,270 every second, the Taxpayers Alliance estimates, or £369 million a day.
John O’Connell, the chief executive of the Taxpayers Alliance, has said that the National Debt was now ‘out of control’ and urged Chancellor Healey, and PM Burnham to ‘rein in spending!’
Robert Jenrick of Reform UK commented ‘Successive Tory and Labour Chancellors have maxed out the nation’s credit card.’
He added: ‘Thanks to their mismanagement we now spend more money servicing our debt than on education and defence combined!
‘At £3tn the national debt equates to more than £100,000 per household across the UK, and is the equivalent to about 95 per cent of GDP.’
PM Burnham is said to be ready to borrow as much as £9bn extra every year to fund investment in infrastructure, housing and other schemes to try to encourage businesses to stay in the UK.
There is little doubt that the Labour regime is now in a desperate crisis.
It could be considering the formation of a National Government to strengthen the side of the ruling class whose job it will be to force the UK’s working class and its youth to pay for the crisis of the bankrupt capitalist system.
Workers must insist that their trade unions take indefinite general strike action to bring down the Labour regime before it degenerates even further and forms a National Government to make the working class pay the full bill for the crisis of capitalism that is emerging.
The TUC must be immediately recalled and must call the indefinite general strike which will immediately challenge the government and bring it down.
We must then go forward to bring in a Workers Government. This will go to the source of the crisis and take action to nationalise the banks and the major industries to bring in a socialist planned economy.
The working class will be faced with taking power and establishing their own workers state with a completely nationalised and socialist economy which will be run ‘from all according to their ability and to all according to their need’.
The working class in the UK and in the major capitalist countries must bring down their governments and nationalise their banks and major industries and bring an end to bankrupt capitalism.
There is no doubt that world imperialism can no longer advance mankind.
Instead it is driven to more wars and brutality to try and recolonise parts of the world to grab back its rich resources as a means of surviving their bankrupt system.
Their desperation to survive is leading to more genocidal wars, destruction and mass poverty creating huge numbers of refugees roaming the world looking for a life free from war and oppression.
Backward capitalism must not be allowed to continue to destroy the gains that the working class of the world have won.
Now is the time when imperialism is at its weakest for the masses to go forward to bring it down.
Build mass revolutionary youth movements and leaderships to lead this great struggle.
Now is the time to therefore to build the WRP and sections of the International Committee of the Fourth International.
Now is the time to go forward to the victory of the world socialist revolution and the formation of a World Socialist Republic!
