Posted on July 21, 2011 by Phillip Lee

When the Coalition Government came to power in May 2010, Labour had brought us to the brink of bankruptcy. During their 13 years in power they had doubled the national debt and left us with the biggest budget deficit in the G20. As a result of this economic mismanagement, we are now spending £120 million every single day just paying the interest on the national debt. If Labour had stayed in power, our debt would be almost £100 billion higher by the end of this Parliament.

Consequently we have had to make some difficult decisions. The Comprehensive Spending Review announced last week set out our choices on how we will deal with the deficit. We have chosen to prioritise the NHS, schools, security and the infrastructure. That will help our economy grow. We have maintained real-term spending on NHS and protected the budget for our schools. Prioritising the education of our young will play a major role in how we will secure our economic future.

Although it has been a difficult Spending Review, I am pleased that important priorities have been supported such as the winter-fuel allowance, free bus passes for the elderly and that an additional £2 billion have been found for social care. I am also delighted that funds have been provided for Crossrail. This project will be of huge importance for the economic prosperity of Thames Valley in the future.

Dealing with the deficit is unavoidable, but the decisions about how to do it are not. By the end of this Parliament we will have eliminated the structural deficit and national debt will be falling as a proportion of national income. With a sound economic base I believe Bracknell is well positioned to take advantage of the economic upturn that will be brought about by our Spending Review.