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National Debt Clock

Discussion in 'Personal' started by Duke of York, Nov 11, 2019.

  1. Duke of York

    Duke of York Star commenter


    The UK national debt grows at a rate of £5,170 per second!

    Does anyone have an explanation why, despite all the austerity and cuts in public services, the UK national debt has doubled since 2010?

    Yet people have the sauce to say that Labour would trash the economy.
  2. LondonCanary

    LondonCanary Star commenter

    Because despite any cuts there has been a deficit every year.
  3. needabreak

    needabreak Star commenter

  4. nomad

    nomad Star commenter

    It is important to consider more than the gross figure.

    Approximately a third of this debt is owned by the British government due to the Bank of England's quantitative easing programme, so approximately 1/3 of the cost of servicing the debt is paid by the government to itself, reducing the annual servicing cost to approximately £30 billion (approx 2% of GDP, approx 5% of UK government tax income).
    needabreak likes this.
  5. LondonCanary

    LondonCanary Star commenter

    Public spending has increased every year since 2010.
    needabreak likes this.
  6. needabreak

    needabreak Star commenter

    Where borrowing is used to finance it interest too increases.

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