UK: Debt a trillion and rising
The UK – a fraction of the size of the USA with about 60 million people – has broken through the magical trillion pound debt level. This is typical of Labour governments – spend, spend, spend and uncontrolled immigration. Unfortunately it’s also happening to Australia where the national debt went from a $22bn surplus under the conservative Liberal Party to a $160bn deficit under the Labor Party in just 3 short years. People don’t learn until they start feeling it where it hurts the most…
Britain’s debt has grown to a hitherto unimaginable level, it emerged yesterday – smashing the £1trillion barrier for the first time.
Government borrowing hit £1,000,389,000,000 at the end of March – or £40,000 per household – the Office for National Statistics said.
The figure is so enormous, equivalent to more than one million million pounds, that the country must pay £40billion interest on it in this year alone – roughly what is spent on the entire defence budget.
It follows unprecedented levels of spending under Labour which saw the Government borrow nearly £450million a day under Gordon Brown.
But the £1trillion figure does not include items such as the cost of public sector pensions and private finance initiatives.
Experts believe the true debt, including these hidden items, is between £4trillion and £5trillion.
Government borrowing was around £400billion when Labour came to power in 1997 and has more than doubled in the past five years. The ONS said the Government borrowed £159.8billion last year alone – a record 11.4 per cent of the UK’s entire economic output, or gross domestic product.
Emma Boon, of the TaxPayers’ Alliance, said: ‘The UK national debt has now reached a terrifying new landmark.
‘The number is now so large that it’s hard for most people to comprehend, but it is ordinary taxpayers that will be footing the bill.
‘This landmark figure comes at a time when the Government is talking about how to make huge savings, and is a reminder of just how necessary spending cuts are