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Is it morally acceptable for this generation to incur debts that will be left as a burden on the next generation?
The coalition came to power promising to drastically reduce the amount it borrowed - the deficit - and to begin paying down our debt. However, the UK continues to borrow some £2 Billion every week, half of which already goes to pay interest on previous borrowings. If interest rates rise then this level of debt could easily trigger a severe depression. With our National Debt at £1.5 Trillion, every child born today is already £23,000 in debt and in danger of a lifetime of poverty and high taxes to pay for our lifestyle.
The UK Government must continue to borrow to invest in infrastructure and protect essential services such as education, healthcare and pensions. In time our economy will recover sufficiently to repay this debt and future generations will reap the benefit.
We are only borrowing to buy time rather than tackling politically difficult reforms to our unaffordable public sector and cutting handouts to those who have no intention of working. If we fail to live within our means future generations will never forgive us.
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