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Today Britain stepped back from the brink

Posted by Stephen Mosley, MP for City of Chester, at 14:17, Wed 20 October 2010:

Government cuts are dominating the news at the moment. My post bag is full of letters from concerned residents worried about what is happening. I share these concerns and wanted to take this opportunity to discuss with you what is going on and why.

The public finances inherited by the Coalition Government are frankly appalling. The previous government doubled the national debt, and the country now faces a budget deficit of £155 billion. That is more than the combined budgets for education, transport and defence. We are currently haemorrhaging £120 million a day in interest payments to foreign creditors to pay for their schools and hospitals, not our own. This cannot continue.

We have to be fair, we have to reform and we must encourage economic growth.

As promised at the election, NHS spending has been protected and is increasing along with spending on schools and national security. We are concentrating public spending on areas that will help our economy grow such as investing in a new bridge over the Mersey. We are improving the way government delivers services and demanding greater value for your money.

The Government's robust approach is already paying dividends. Long-term interest rates in the UK are down by almost one per cent since the election. We are helping homeowners to manage their mortgages and businesses looking to borrow, invest and expand.

There is no sugar-coating the fact that cuts have to be made. But despite what our opponents are claiming, fairness is at the heart of this spending review. It is important that the wealthier in our society shoulder their share of the burden and that the more vulnerable are not hit disproportionately.

It is right to deal with this problem now. If we do then the benefits will be felt by everyone in our country with lower taxes, better public services and improved prospects.

Yours sincerely,

Stephen Mosley

Member of Parliament for the City of Chester

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