August Record Public Sector Borrowing
Published / Last Updated on 24/09/2010
August Record Public Sector Borrowing
by Ashley Clark, Director
The Office for National Statistics has confirmed that a record £15.9bn was borrowed by the Government in August.
Many have suggested that this debt comes on the back of higher government loan repayments for inflation protected debt such as index linked gilts.
The figures are damning a generation to higher taxes as the country struggles to pay its way out of the biggest overdraft this country has even seen.
It is now forecast that government borrowing for 2010-11 will hit £149bn. This is a little over £2,411 per person in the UK (population 61.8m) and £2,927 per adult (50.8 million adults) for this year alone.
We of course cannot keep getting further and further into debt each. As it stands at the moment, interest payments alone on public debt is over £50bn per year.
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