We are in debt - hugely

We have UK mortgage debt of £1.3trillion! Or 86% of our GDP. This mortgage debt alone is $49000 per household! Add to that everyones personal debt totalling £340bn.

This amounts to 9% more than the whole country produces in a year. And the debt is still growing.

That is huge.

Labour claims

"Saved the banks"
"Held interest rates low"
"Disaster has been averted"
"People are still in their homes"

But look at the levels of personal debt. 43% of all mortgages are interest only payback. In reality if you pay interest only you are not a home owner, you are a tenant. If you cannot pay, you end up with nothing.

But people are deluded, they rely on their house becoming more valuable. They think they can borrow against it for old age, or sell it at an advantage.

Today the game has changed. And no one has told you? The house gamble will no longer pay off. We have to start paying both our public and private debts. We are much less able to provide for a pension, as real savings are almost impossible. Things are going to get much worse for our children.

Still the same old tune

And yet Labour is still promoting help for first time house buyers - in other words let us help you to get into un-burdenable debt. Not out of it. First time buyers are borrowing 4-5 times income, whereas x3 and 75% loans are what is sensible. People that do as Labour want will find themselves tenants not owners, with undiminished debt. Getting on the first rung of the housing ladder is no longer a sign of modern adulthood, it is a path to disaster.

The public purse is as empty as the the voter's pockets.

So conditions are ripe for a new politics. And a few years of suffering, grievance and anger. There is no other way. But you will be better off with the Conservatives who will cut back absurd payments on social protection and channel it into productive jobs.