New UK Prime Minister Should Ensure UK Economy Operates Within Budget - Tory Peer

New UK Prime Minister Should Ensure UK Economy Operates Within Budget - Tory Peer

The new UK prime minister should ensure the functioning of the national economy within the limits of its budget as the country cannot continue living on borrowed money and leave "massive" debts for the next generations, Lord Richard Balfe, a Conservative member of the UK Parliament's House of Lords, told Sputnik on Friday

MOSCOW (Pakistan Point News / Sputnik - 21st October, 2022) The new UK prime minister should ensure the functioning of the national economy within the limits of its budget as the country cannot continue living on borrowed money and leave "massive" debts for the next generations, Lord Richard Balfe, a Conservative member of the UK Parliament's House of Lords, told Sputnik on Friday.

"We must live within our means. We cannot carry on living on borrowed money and leaving massive debts for our children, and in my case grandchildren. Just as families have to live within their means so do countries. The world does not owe us a living, but we owe the world a little moral leadership. It would be nice to think that our next prime minister could provide at least a little of that," Balfe said.

The government should develop a precise plan to prevent the deterioration of the current crisis, Balfe said, adding that, at the moment, the situation is reminiscent of "July 1914, we are drifting to all-out war with no one trying to find a way out."

Over the past months, the sanctions imposed by the West on Russia in retaliation for its military operation in Ukraine sent energy prices soaring and triggered record-high inflation in some countries. In the United Kingdom, the rising cost of living hit millions of households, sparking nationwide discontent and pushing several major unions to strike.

In addition, the UK has experienced political turmoil, losing two prime ministers and facing dozens of resignations in the government within the last four months. On July 7, former UK Prime Minister Boris Johnson stepped down amid a series of scandals over violations of COVID-19 regulations and an appointment of Christopher Pincher, who was vetted by Johnson as deputy chief whip of the Conservatives despite accusations of sexual misconduct.

On Thursday, incumbent UK Prime Minister Liz Truss also announced her resignation, less than two months after her appointment as leader of the Conservative Party and head of the UK government, becoming the shortest-serving prime minister in the UK history. Truss faced troubles from the get-go as her government was criticized for its economic policy that proved unable to curb inflation and price hikes, as well as sparked concerns about an increase in public debt.