Friday 20 March 2009

UK National Debt Rockets

Yesterday's news but here is some simple statements:

In 2002 interest on UK debt repayments were £22 billion

Last year the debt repayment were £31 billion.

This year they will be £34 billion....and rising

That is a 65% increase in debt repayments in just 6 years. This is before we go back to an inflationary enivornment where gilt yields will rise, causing the debt to become even more expensive.

Have a look att he grpah below from Wikipedia - see what taxes you could have removed, e.g. halved council tax or corporation tax, done away with stamp duty...


not an economist said...

Yes but what you are forgetting is that Britain is best placed to weather this recession, the recession will only last until the end of this year because the govt is going to help us all get thru it, New Labour has elimiated boom and bust so this recession isn't actually happening and if it wasn't for the Americans we wouldn't be in this mess anyway.

CityUnslicker said...

sorry not an economist, I must have bumped my head. Thanks for the brainwash; I feel much better now

Anonymous said...

My God

does this mean that all the beer tax, multiplied by ten is just enough to pay the interest!

Is so, I shall do my best to drink more.

CityUnslicker said...

anon - get going. if you take up smoking it will help a bit too.

Anonymous said...

I'm up for it.

Bill Quango MP said...

Ive said it before. Its a Terminator thing. Gordon is like Sarah Conner.
He will return everything to a position so that it doesn't occur.

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