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Legally limit how much the Uk Gov can borrow

Submitted on Monday 5th December 2011

Published on Tuesday 6th December 2011

Current status: Closed

Closed: Thursday 6th December 2012

Signatures: 2

Tagged with

Tax ~ UK

Petition Action

Legally limit how much the Uk Gov can borrow

Additional Information

Politicians are clearly addicted to spending using borrowing/debt.i.e they are incapable of managing budgets/living within the means of a budget without resorting to debt.Isn't it time the Uk Gov spending was legally capped?Either legally deny the Uk Gov the right to borrow thus ensuring that it only spends what it receives in taxation.ie must either increase taxes or reduce spending whenever it exceeds its revenues;or cap its borrowing to something like 10% of GDP.i.e once Gov debt reaches this level the gov is legally forbidden to borrow/add to this debt level.
This simple legally binding Cap in what the Gov can borrow will ensure that never again can irresponsible politicians bust this country,and will ensure we always have a fiscally prudent government.I fear without such a cap politicians will always overspend and ruin our country with unmanageable debt mountains.

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