Labour must stop their madhouse economics… or our kids will be left to pick up the bill

Debt trap 2 comments 2 Next BRITAIN’S £3trillion national debt is now one of the biggest drains on taxpayers’ money. If the interest payments were a Government department, it would have the third largest budget in Whitehall — after only welfare and health. The Chancellor is unlikely to announce anything other than cosmetic cuts in his Budget next week Credit: Getty Kemi Badenoch is right to demand a stop to this crazy cycle of tax, borrow and spend Credit: Getty Advertisement This year we will spend £111billion servicing the debt, and with long-term borrowing rates at a 28-year high it will only get worse. Every pound we borrow will cost an extra pound in interest after 12 years. Sign up for The Sun newsletter Thank you! Email address Please provide a valid email. Your info will be used in accordance with our Privacy Policy You'll now receive top stories, breaking news, and more, straight to your email. Yet there’s no effort to pay off the debt. Labour is now taking out loans just to pay interest on existing loans. Read More on Sun Says THE SUN SAYS We cannot escape our need for fossil fuels - PM must put good of country first THE SUN ON SUNDAY SAYS PM's cosy Man City links raise questions over devolution plans It’s the economics of the madhouse. Kemi Badenoch is right to demand a stop to this crazy cycle of tax, borrow and spend. But while the Tory leader has identified £70billion in savings, the Chancellor is unlikely to announce anything other than cosmetic cuts in his Budget next week. The Government must stop maxing out on the credit card — or our children will be left to pick up the bill. Advertisement Most read in The Sun 'ATTACKER REVEALED' 'Attacker who rammed MP with car is identified' as she fights for life MAKING A MARK Graffiti pranksters mocking celebs on subway walls vow to beat council 'DEEPLY MISSED' 'Loving father murdered' at caravan park is pictured as family pay tribute POLITICS FIX Mass immigration, huge welfare bill, war in Europe — but PM talks Tube noise Sinking feeling OUR once-powerful Royal Navy fleet is now so depleted that even its ability to protect our own waters is in serious doubt. So it is an act of reckless insanity to axe three warships which have been working flat out to shadow Russian vessels through the Channel . MoD beancounters say they have been forced to sell them to plug a £14billion black hole after Labour delayed its promise to boost defence spending. Cash is so tight that nuclear submarine crews have been trained to point and squirt fire hoses to counter the threat of a drone attack. Yet the Prime Minister won’t say when the new money is coming and insists national security can’t come at the expense of social security . Advertisement It’s clear where welfare-obsessed Labour’s priorities lie. Cold Burn MILLIONS are facing a freezing winter of discontent as heating bills soar . A brutal four per cent hike slapped on bills this month will wallop the average household with an extra £60 charge. And there’s worse to come, with another massive increase locked in for January. It explains why hard-pressed families say energy bills are their number one nightmare ahead of next week’s Budget. Advertisement But less than one in ten holds out any hope of a helping hand from this out-of-touch Labour government. Despite bills hitting a three-year high, Andy Burnham failed to give the crisis even a passing mention in his big conference speech the other week. RECOMMENDED STORIES So much for his empty pledge to lead a “cost-of-living Government”. Brits deserve better than the cold shoulder. 2 comments 2