UK Record Debt Levels
Published / Last Updated on 21/07/2009
The office for National Statistics has released figures yesterday that Britain is in more debt today than ever before.
Government debt now stands at £799bn, nearly 60% of Britain’s GDP (Gross Domestic Product) i.e total output.
Severe Problem: think of this debt on a personal level:
- If you earn £30,000 per annum
- Then you would be £18,000 overdrawn
- Now multiply this by every single person in the country
We suggest this country is in serious financial trouble through mis-management by Government, Banks, the Treasury and the Financial Services Authority.
This debt will have to be repaid and much in the same way as Margaret Thatcher had to pick up the pieces of the last Labour spending frenzy, Cameron will have to do the same.
Even in Labour retain power next year, drastic spending cuts and higher taxes need to be enforced.
Unpopular our view may be, but balance sheets have to balance before the country bankrupts itself and sells off even more assets to the highest bidder.
We suggest it will take 10 years to recover from this debt disaster.
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