THERE is so much in Name and address supplied’s letter (March 7) with which to disagree.

I would like to address the major issue, the comparison of the UK to Greece.

There is a myth that the last government left the biggest debt in the developed world. This is demonstrably not the case.

A report of the OECD published in May, 2011, gives the fully evidenced picture. Before the financial crash of 2007/2008, the UK’s debt was considerably lower than most major economies.

In 2012 it was still lower than the debt of the USA, Canada and France and only marginally above that of Germany.

The reason Tory politicians have been able to successfully peddle the myth of the comparison between the UK and Greece is the fact that they have used cash terms rather than percentages.

This is a tactic intended to scare, mislead and give half the story. In cash terms, a millionaire’s debts would be greater than a normal person’s. In cash terms, the UK will have a higher debt and deficit than most countries because we are the sixth wealthiest economy in the word.

Hence it is absurd to compare us with Greece, which has a far smaller economy. Our current economic woes are a result of a decline in tax revenues and a collapse of the banking industry on which we had become too dependent.

Our difficulties are definitively not the result of excessive public spending. An IMF report in October, 2011, supports this view.

A final thought for Name and address supplied. She/he suggests we lost our AAA credit rating because “the cuts haven’t gone far enough”.

The IMF, among other authorities, suggest the contrary. They warn that if growth falters, as it has, we would be wise to slow the pace of cuts.

Cllr Kevin McKeon