BORROWING AT 2.2% INTEREST RATES - A RECORD LOW!

In the news this morning is the fact that the Government today sold £3billion of new 10 year debt at a 2.2% interest rate. A record low rate of interest! What an amazing vote of confidence by international investors in the UK and this government just days after we are supposedly "isolated" and "a pygmy nation". Contrast to Italy and Spain who paying 6%+ on their new borrowings. If we still had a Labour government and had not implimented an austerity programme then our borrow costs would be like Italy and Spain. That £3billion of debt alone would have cost us more than £100million a year in extra interest - more than £1billion over the 10 years!

Can you imagine the sort of income tax and VAT rates needed to fund Labour's spending policies and to pay the resulting penal rates of interest on our borrowings? Both coalition partners can be proud of the economic policies they have put in place since the last General Election that have brought us back from the Labour road to ruin.