Britain's national debt is almost £3 trillion, equal to 94 per cent of GDP. We add £95.9 billion a year to it, and spend £100 billion a year servicing it. We have seen cumulative inflation of 31.3 per cent since 2020.
Borrowing is up £700 million from 2025, £2.3 billion more than the OBR forecast. We spend more on welfare (£333 billion) than we take in income tax (£331 billion), with the bill set to reach £400 billion by 2030. 53 per cent of households receive more in benefits than they pay in taxes, despite taxes being the highest since 1948. We have the most expensive energy costs in the developed world, but refuse to use our domestic oil and gas reserves purely because of ideology.
We cannot go on like this. We can't afford to. Fortunately, we don't have to. Decline is a choice. Both Reform UK and Restore Britain have proposed sensible economic and energy policies to reverse our national poverty.
Reform promises to abolish ILR, ban foreign nationals from claiming benefits, and put people making bogus PIP and unemployment claims back to work; to liquidate useless Quangos and shrink the civil service; and to repeal the Climate Change Act, scrap Net Zero, build small modular nuclear reactors, and issue new North Sea Oil and gas licenses.
Restore agree. Their policy papers also propose denaturalising immigrants who are net-tax recipients; raising income, corporation and capital gains tax and VAT registration thresholds; returning the Bank of England and its Monetary Policy Committee to Ministerial control; abolishing stamp duty, inheritance tax, and the climate change levy; and renegotiating renewables contracts to reduce or eliminate subsidies.
All of these are sensible suggestions. If we want to restore Britain's prosperity, we should all be on the same page about these policies.
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