LETTER: How will Tories repay debt after this is all over?
A reader questions how the Government will repay the debt they have accrued.
I have a sister who supported Brexit on the basis of ‘yes it will hurt us but we need to go back to a simpler way of life’. Fewer holidays, more hard, manual work and less living off benefits. I didn’t see Brexit ever making us more industrious, but she may get her way through coronavirus or will she?
Money they say can’t buy you happiness, but it has helped take the sting off the many difficult times I have been through and I suspect that once coronavirus is over, borrowing will increase everywhere.
We already have above average household debt and that is set to rise as we enter the fresh air of post-coronavirus euphoria.
It looks as though the Government will borrow heavily and you and I, well you anyway, have got to pay the money back.
Remember it took until 2006 to pay off our WW2 debts to the USA. I don’t remember the USA saying we appreciate that you have stood up for freedom so we will cancel the loan and I don’t see the USA saying we’ll bail you out with some free money if Brexit goes wrong.
How will the Government get its hands on the money it needs to pay back its debts? Probably by raising taxes, although I don’t believe those who already buck the system will suffer and they will continue to pay as little tax as they can by putting their money anywhere except into our treasury.
Paying little or no tax is hard-wired into the Tory psyche. As a bribe to get themselves elected, the Tories entered deep into socialist territory and coronavirus is forcing them to jump into it.
So what will be their relevance once the germs settle down? I see the whole Brexit dream, new found Tory ideology, collapsing if we don’t rejoin the EU.
There is more than a good chance that the EU would show their gratitude; there is no chance the USA will. Get ready for some heavy Tory infighting over the next couple of years.
Let’s hope one of the other parties will have a leader with the charisma to consign the Tories battle cry into history; ‘all for one and one for all if you are rich’. I don’t see anyone in the current hapless bunch showing signs of charisma.
Roger Watts, Walsall