Labour MP warns of national unity government
The UK may be forced to implement a national unity government if it cannot control its level of debt, a senior Labour MP has warned.
Writing for the Guardian, Birkenhead MP Frank Field said the country’s “record-breaking” debt would probably bring the government down.
“If the debt can’t be sold, it will be impossible for the government to continue,” he said.
“The only options then will be to print money, with all the dangers for a country of going along with such a policy; or for the political parties to come together – in a national government – to try to convince the gilt market that the country is serious about bringing under control the gap between projected government expenditure and its falling tax revenue base.”
Mr Field, who has considerable experience of cross-party politics – most recently in his anti-immigration drive with Tory MP Nicholas Soames – said a national unity government may ultimately be the only way to convince the market Britain was stable enough to have its borrowing financed.
“It is crucial that we begin to plan for this scenario for, once in this totally uncharted territory, we may not then have that long to convince the markets that Britain’s political class really means business in trying to get the nation’s accounts into some sort of order,” he wrote.
“If we fail to convince at this point, then the outlook for the country is truly unimaginable.”
Mr Field is best known for his recent campaign over the 10p tax debacle, during which he secured his objectives but, by his own admission, went too far in launching personal attacks on the prime minister.
