In years now gone by there was a rough sort of political equilibrium. It was at times the job of the Labour party to wrest the wealth from an undeserving vampiric rich and redistribute it Robin Hood style to the downtrodden poor. Then at other times it would be the job of the Conservative party to get the wealthy rebuilding the country by taking money back from the undeserving layabouts that Labour had given it to.


This may have been relatively easy in a closed economy where no-one really questioned the powers that be and in an internet free world. But things have changed where information and money have been globalised but the rules that manage them are as fragmented and open to abuse as ever.

That was when Labour found they now had to keep the rich as sweet as the poor that they had always fought for. They found themselves in the position of taking a socialist view of society but a global capitalist stance with the economy with low taxes for the rich to stop them taking their money elsewhere.

But they needed money to fund their left-wing dreams but felt unable to hack into the assets of the wealthiest. Nor though were they able to tax the poorest as they are the Labour Party's lifeblood.

So the route taken was to obtain funding from the future by borrowing massively through such things as Gilts issues and PFI funding. The moment this route was taken the next Tory government was doomed to opprobrium. It was Mervyn King, the governor of the Bank of England who said that whoever won that last election was facing a generation of being out of office.

David Cameron has now said that UK households face a 'tough year' financially just as the Institute for Fiscal Studies  warns that those households will, on average, be £200 a year worse off. The people are now also realising what this will mean to them, personally. It is no longer just talk.

The Coalition government have now reached the point they always knew would come. The point where they have to take action that will hurt whilst carrying the people with them. They have taken over the controls of an economy in a death spiral of debt while the passengers in the back judge their performance purely the quality of the in-flight meal and movie. But that was always going to be the case.

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