How much do you think Britain’s national debt has risen in the last year?
I’ll tell you…
It’s an eye-watering… £128.5 billion!
In fact, our national debt is up over £2 billion in the last month alone.
That equates to an average debt of £65,000 per household.
Last month, the Office for Budgetary Responsibility (OBR) – Britain’s fiscal watchdog – produced its first ever Fiscal Risks Report.
It warned that Britain’s public finances are now in far worse shape to withstand a recession than they were on the eve of the last financial crisis, a decade ago.
And, as we face the twin threat of Brexit and a downturn… even the smallest decline in Britain’s growth rate could have a monumental impact on our debt burden:
“If GDP and receipts grew just 0.1 percentage points more slowly than projected over the next 50 years, but spending growth was unchanged, the debt-to-GDP would end up around 50 percentage points higher.”
Right now, there’s a black hole in our nation’s finances. And our entire system is teetering on the brink of a huge reset.
Spending is going up… our national debt is going up… our interest payments are going up.
It can’t continue… but it is.
Because no one in Westminster has a plan to get our public spending under control, or manage our burden of debt effectively.
Britain is broke.
And there’s a reckoning coming – maybe far sooner than most people realise.
It has doubled since 2010 when austerity started so whilst the last Labour government did leave a mess the present lot instead of clearing it up has made it a lot worse.
Brexit makes it harder but the real fault lies in years of overspending on welfare and low taxation. Under Edward Heath the highest level of income tax was 83%. Something has to give and more will have to give if we leave the EU. Which ever way we go things have to change. Most of those changes we won't like.
Over History in many countries governments have tried to avoid such crisis situations usually caused by overspending on both a national and an individual level. You can control your personal debt and conserve your assets. However you have little say over the national debt or how the government decides to try and manage it. To manage their debt they have to use your money by taxing you more and giving you less. Consider Argentina and Greece both once prosperous, Britain was once the wealthiest country in the world yet it has been lurching from crisis to crisis since the 1960's.
.[not saying it's s good thing, however]
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To think that London, or anywhere else for that matter, does not belong to any one demographic
