The government’s “anti-growth” policies and stance on drilling for oil in the North Sea risk seeing the country go bankrupt, according to Sir Jacob Rees-Mogg.
He said on GB News: “Well, we have a choice. We can be a wealthy country or a bankrupt country. But socialism seems to choose bankruptcy.
“Let’s take energy first of all. In 2000, when we had gas-powered electricity, mainly the price of electricity was broadly the same as the average in the US. Now it’s four times as high. We’re not using our natural resources.
“Miss Fahnbulleh was on the wireless this morning. The new energy secretary said she would not give out new licenses. They may drill where they exist already, but we’re not going to get new ones, contradicting what Mr Burnham apparently told President Donald Trump. But it’s not just energy.
“Whatever this government is doing, it seems to be anti-growth. It looks as if 160,000 businesses have stopped, have ceased, have gone out of business because of the increase in national insurance last year.
“We look at the additional trade union rights that are going to get us back to the 1970s, the ‘I’m all right, Jack’ mentality of people walking out of work on a whim with easier ballots, easier opportunities for the withdrawal of labour.
“We have policies that will make us cold and poor. Our energy policy is failing, and Donald Trump sees the way through. We need to drill, baby, drill, not just in the North Sea, but we need to get it out from the shale gas deposits that we’ve got all over the country.
“The risk of bankruptcy is high. Broadly speaking, we are spending 45% of GDP every year, and we’re getting in tax revenue 38%. That’s too much tax and too much spending. Debt to GDP is nearly 100%. When you get to those levels, you soon start running out of other people’s money.
“It’s classic socialism. It’s bad for the country. It’s bad for the economy. And there’s a solution in touching distance. If only they had the wit and the wisdom to reach for it.”
