We are Drowning in Tory/Labour Debt, but British Taxpayers will Fund Greece with £650 Million Per Year

Although Britain is drowning in a sea of debt created by decades of Tory and Labour mismanagement, British taxpayers will now be forced to pay an additional £650 million per year to bail out the Greek economy.

The £650 million annual fee will be Britain’s pro-rata share of the International Monetary Fund’s bailout of Greece, a nation which has a deficit almost identical to that of new Labour’s Britain.

The IMF bailout is a sneaky way of forcing British taxpayers to come to Greece’s aid even though the UK is not part of the eurozone which is threatened by the Greek disaster.

The 16 eurozone members announced yesterday that they would be “lending” the Greeks some €30 billion euros this year — to begin with.

The IMF bailout is in addition to the eurozone handout. British taxpayers make up five percent of the IMF’s annual budget and as a result will be responsible for five percent of the £13 billion given to Greece.

News reports quoted Mats Persson, research director of think tank Open Europe as saying that this “move will take Europe into uncharted territory and no doubt cause outrage amongst British taxpayers.

“Britain didn’t want to be in the eurozone for this very reason as it is now paying for the economic mistakes of another government. This should be a eurozone problem,” he said.

If Greece reneges on its £260 billion debt, the after effects could bring the entire euro system to a fall.

The “loans” to Greece are not a one-off and are set to continue as long as is necessary.

The insanity of the arrangement is however only fully revealed when the mismanagement of the Greek economy is compared to the Labour Party’s equally disastrous record in Britain.

Britain’s total national debt, built up over many years under both Labour and Tory rule, has risen from below 40 percent of Gross Domestic Product (GDP) to 60 percent, while Greece’s net debt is now close to 100 percent of GDP.

The worrying aspect for economists is the speed at which Britain is building up extra debt, reports said.

In January this year, official figures showed that the Government borrowed £4.3 billion to keep the state operating.

In 1997 when Labour took power, the Tory-inflicted national debt stood at £352 billion. In 2010, the figure had climbed to £777 billion and in the most recent budget, Alistair Darling admitted that it was set to hit £1.4 trillion by 2014/15 — or £23,114 per head.

In February this year, economists warned that Britain’s public finances would end the year in a “worse state than those of Greece.”

Jonathan Loynes, of Capital Economics, was quoted as saying that “With the budget deficit heading towards 13 percent of GDP this year, and perhaps exceeding that of Greece, it is clear that a more credible plan to restore the public finances to health will be required shortly after the general election to keep the markets and rating agencies at bay.”

British tax money should be used to rescue Britain first, not bail out other nations.

Only the British National Party will bring an end to this nonsense whereby our people and our nation’s interests are always put last.