Where will Chancellor Ed Balls find �50bn? By squeezing anyone who has a decent home or has savings!

By the time the self-delusional, economically-ignorant, financially-incontinent Ed Balls becomes our next chancellor in May 2015, our national debt will have passed �1.4trn (100% of GDP). A year later, debt will be over �1.52trn (almost 110% of GDP). A general rule of thumb is that a country is bankrupt when government debt hits 120% of GDP. We’ll be there by 2017. Our annual interest payments were �30bn in 2010, are �43bn this year and will be �64bn+ by 2016 – an increase of over �34bn under the Coalition farce. Moreover, by 2017 one and a half million Romanians and Bulgarians will have moved to Britain costing us at least��15bn a year in housing, schooling, healthcare, policing and benefits.

To avoid national bankruptcy, Chancellor Balls will have to find somewhere around �50bn a year to cover our increasing interest payments, to support the huge influx of economic�immigrants�and to start paying down our debt by at least �10bn a year. So, where’s Mr Balls going to find this �50bn? He could cut welfare spending by 10% (that’s �20bn), he could cut the NHS budget by 10% (another �10bn) and he could cut…… Except Mr Balls is not going to cut anything. Instead he’s going to try to get growth by increasing government spending, because Mr Balls believes in his own (and Gordon Brown’s) unique�fairy-tale version of Keynsian economics – you borrow-spend-waste during a boom and you borrow-spend-waste even more during a bust.

Here’s how our government currently takes in �589bn in taxes a year (while gaily spending �710bn a year):

Looking at these figures, hopefully you can see the massive tax increases Balls would need to inflict on us to rescue Britain from bankruptcy, while spending and wasting even more than the hapless Coalition.

But Labour won’t dare push up the taxes paid by their voters – income tax, VAT, council tax, fuel duty and so on. Instead Balls will target the supposed “rich” and�make a huge tax grab for our money under the banner of “fairness”. It will never occur to�Balls and Miliband�that one reason we’re going bankrupt is that Benefits Britain has become a magnet for the feckless, lazy, dishonest and parasitic.

So we can expect a raid on our �850bn of pension savings – a special 2% tax, for example would raise �17bn. Stamp duty on buying shares will probably double. Tax on share dividends will double. There could be a special “emergency” property tax or land tax or�there will be some kind of “mansion” tax. There could even be a tax on our �550bn of savings – a 1% levy would raise �5.5bn to be given to those who can’t be bothered to work.

There are just a few random thoughts – no doubt Mr Balls has lots more ideas how to take money from the responsible and hand it over to the those who make no contribution to our country.