UK Conservatives warn against borrowing

I was interested to read in the Telegraph that the Conservative Shadow Chancellor, George Osborne is attacking Gordon Brown for his reckless plans to increase Government borrowing.

What fascinated me most was the level of debt:

Under the rules, the Treasury is only supposed to borrow a maximum of 40 per cent of the country’s gross domestic product.

So the UK debate is about whether exceeding 40% of GDP is prudent, while in NZ Helen and Michael preach the end of the world if it is 22% instead of 20%.

Of course Helen is also on the record as having advocated more borrowing when debt was 57% of GDP, so her position on this issue is so flexible, she could get a gold in gymnastics at the Olympics.!