Saturday, 19 September 2009

Britain clocks up debt at a rate of £6,017 per second!

The Times has a very scary article on the front page today. For a taster these are the three opening paragraphs:
Britain is clocking up debt at a rate of £6,017 per second as the Government struggles to balance the books. With tax receipts plummeting because of the recession, state borrowing grew by £16.1 billion last month — almost twice the entire budget for the 2012 Olympics.

Net borrowing for the first five months of the financial year stood at £65.3 billion, compared with £26.1 billion at the same stage last year. Total borrowing soared past the £800 billion mark for the first time and total state debt as a proportion of national output reached 57.5 per cent.

Just to pay the interest on its ballooning debts the Government must find more than £30 billion a year — about £500 for every man, woman and child in the country.
This is incredibly bad news. It is quite clear that the UK’s finances are in a shockingly poor state thanks to Labour’s total mismanagement of the Treasury books over the past decade. The whole debate around who is going to cut what after a General Election is beginning to miss the point – control over public spending needs to start NOW not in 9 months time!
The full article can be found HERE.

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