Tuesday, October 19, 2010

Owing, owing owed...

Worth highlighting time and again: The Real National Debt: A Decade of Reckless Growth. A new report by the TaxPayers' Alliance "reveals the true extent of UK national debt":
  • At the end of 2009-10 the real national debt stood at £7.9 trillion, over £300,000 for every single household in Britain
  • During the last decade debt has more than tripled, soaring from 230 per cent of GDP (£2.3 trillion) up to 560 per cent of GDP (£7.9 trillion)
  • Official national debt (quoted by the Chancellor in his budget) hugely underestimates taxpayer liabilities
  • Relative to GDP this is by far the biggest national debt we have ever had since records began
Source: Taxpayers' Alliance Full report (pdf): HERE

Also interesting to read the notes to editors at the end of that article, presumably because we are not being told by the MSM, the BBC won't tell you; we are getting "immune" to the consequences and fail to understand/take-in the problem: "Large numbers can be difficult to imagine; £1 trillion = £1,000 billion; £1 billion = £1,000 million". That and the confusion, sometimes intentional, of failing to distinguish the fact that the "national debt is the total amount of money the UK Government currently owes. This is different to the national deficit, which is the amount of money UK Government spends in excess of income. Each year we run a deficit, the national debt grows. Britain has been running a national deficit for the past 9 years" and that all-in-all it is "not merely the huge scale of the national debt that is cause for concern, but also the rate at which it is increasing."

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