UK total national debt 1.43 trillion
Ed Milliband’s recent embarrassing conference speech mistake – the bit where he forgot to mention the deficit – led to much talk about how important dealing with it is. Given our apparent inability to live within our national means, it is worth reminding ourselves just how much we still borrow each year and how big our total national debt is. The total debt is now over £1,430 bn. That’s not far off double what it was in 2010. Worse still new borrowing in the first five months of this fiscal year (April to August) at £45.5bn that’s up rather than down from £42.8bn this time a year ago.
Public spending cuts are ongoing, but due to the rise in the personal allowance and a failure of wages to rise in line with inflation, tax revenues are down too. So we are set for another £100bn-plus budget deficit this year. Even now, with interest rates at rock bottom and the market for sovereign debt effectively rigged by virtual money printing, Britain is spending far more on debt than on defence, and almost the same as on education.
Not going well is it !