19_may_2016

A letter a day to number 10. No 1,438

Thursday 19 May 2016.

Dear Mr Cameron,

Where is all our money?

Iain Duncan Smith accused your government of ‘balancing the books on the backs of the most vulnerable in society’. He’s not even close, even and despite his best efforts to drive the poor into the ground. For six long years you’ve been robbing the poor to supposedly pay off the debt which George Osborne has managed to increase by £555 billion. In fact Osborne has created more debt than the combined efforts of every Labour government in history, which is now over £1.5 trillion and growing by the second.

In order to pay down the debt, Osborne must clear the deficit (the difference between tax income and government spending), again, something he laid at the door of the poor. Osborne has said he will clear the deficit by 2020, the National Institute of Economic and Social Research calculates he’ll miss that by £600 million, which given Osborne’s fiscal ineptitude is probably a very conservative estimate.

Successive governments have used Private Finance Initiatives (PFIs) for buy now pay later rip off deals, a never, never jamboree of over 700 private contracts with an investment value of £54.7 billion, but a repayment value of around £300 billion which will not be cleared for decades.

Osborne has set about asset stripping the nation like never before, according to the Office for Budget Responsibility by 2020 he’ll have sold off £98 billion of publicly owned assets and if he does it in his usual manner, it’ll be at knock down prices to his city mates.

I have attempted to discover what the real cost of privatisation is for tax payers, which is mis-sold to the public as offering better choice and value for money, yet which always involves loss of jobs, poor value and reduced choice. Energy, rail and water privatisation reportedly cost UK households in excess of £250 a year according to research by Corporate Watch and We Own It, in 2014, and that is just the tip of the iceberg. It is beyond my abilities to discover the full costs of privatisation, from Maximus to Universal Credit to our NHS, but it amounts to a tsunami of public money going into private hands. As a freedom of information request, where has all our money gone and what is the real cost of privatisation to tax payers? I’ll get the smelling salts.

http://www.independent.co.uk/news/uk/politics/the-uk-national-debt-has-risen-by-555-billion-since-2010-under-george-osborne-a6947661.html

http://anotherangryvoice.blogspot.co.uk/2015/02/george-osborne-debt-monger.html

http://anotherangryvoice.blogspot.co.uk/2014/08/myth-cleaning-up-labours-mess.html

http://www.telegraph.co.uk/business/2016/02/19/how-large-is-the-uks-national-debt-and-why-does-it-matter/

http://www.independent.co.uk/news/business/news/george-osborne-will-fail-to-eradicate-deficit-by-2020-claims-niesr-a6850336.html

http://www.independent.co.uk/money/loans-credit/crippling-pfi-deals-leave-britain-222bn-in-debt-10170214.html

http://www.theguardian.com/politics/2012/jul/05/pfi-cost-300bn

http://www.independent.co.uk/news/uk/politics/george-osborne-on-course-to-sell-off-more-public-assets-than-any-chancellor-for-more-than-30-years-a6786926.html

https://corporatewatch.org/news/2014/dec/08/energy-rail-and-water-privatisation-costs-uk-households-%C2%A3250-year

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