Thank god for that

I got up this morning and said to my wife “Its the last day of campaigning” and then we both said in unison “Thank god for that!”

It has been a far too long and not very inspiring election campaign, the decision was hard wired in months if not years ago and all we are really arguing about is the size of Labour’s majority.

But it is what comes next that is the interesting bit. Finally the Labour party gets to look at the books, and they are going to be awful. The Tories have run down everything in the sure and certain knowledge that they won’t have to sort out the mess, that they can blame Labour and that things are going to get worse before they get better.

Unlike the 2010 election there really is not very much money left but a dozen things that need a lot spending on them. At least the tories inherited a well functioning state and a world class health service.

Schools, defence, care, housing, courts, prisons, and health need small fortunes thrown at them. Local councils need bailing out on a huge scale, they have been kept alive by this government just long enough to leave the mess to someone else.

Above all else the country needs to invest, in infrastructure, training, greening the economy and research to promote growth, but the great temptation will be to save money on investment in order to spend it now to stop the boat from sinking.

Labour can find some money from taxes, especially windfall ones and income tax is already set to rise further, bringing in billions.

But if there is any room to borrow more than that room must be used to invest.

Otherwise there is no escaping the country’s destiny of low growth, higher taxes and worse services. That vicious circle has to be broken, or the prospects are grim.

Jonty’s Jottings

Economics, trade and Brexit, not necessarily in that order but the dog always comes first.

By Jonty Bloom Media