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We're not the only ones in hock

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  • 01-10-2010 3:52pm
    #1
    LarrytheLantern
    Closed Accounts Posts: 176 ✭✭


    Britain's debt has grown to a hitherto unimaginable level, it emerged yesterday – smashing the £1trillion barrier for the first time.
    Government borrowing hit £1,000,389,000,000 at the end of March – or £40,000 per household – the Office for National Statistics said.
    The figure is so enormous, equivalent to more than one million million pounds, that the country must pay £40billion interest on it in this year alone – roughly what is spent on the entire defence budget.
    It follows unprecedented levels of spending under Labour which saw the Government borrow nearly £450million a day under Gordon Brown.
    But the £1trillion figure does not include items such as the cost of public sector pensions and private finance initiatives.
    Experts believe the true debt, including these hidden items, is between £4trillion and £5trillion.


Comments

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    #2
    Donkey Oaty
    Closed Accounts Posts: 4,533 ✭✭✭Donkey Oaty


    That there is a Daily Mail article if ever I saw one.


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    #3
    southsiderosie
    Closed Accounts Posts: 6,565 ✭✭✭southsiderosie


    Donkey Oaty wrote: »
    That there is a Daily Mail article if ever I saw one.

    Why whatever would make you say that? :rolleyes:


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    #4
    Donkey Oaty
    Closed Accounts Posts: 4,533 ✭✭✭Donkey Oaty


    southsiderosie wrote: »
    Why whatever would make you say that? :rolleyes:

    You really didn't need to search for it.

    We have "hitherto unimaginable" figures that "smash the...barrier", the debt is "so enormous" due to "unprecedented levels of spending under Labour"..."Experts" [who they?] believe...etc etc.


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    #5
    General Zod
    Registered Users Posts: 2,661 ✭✭✭General Zod


    Experts believe

    woo! I got a line! all I need is "Princess Di" and "Political correctness gone mad" for the house!


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    #6
    Sykk
    Closed Accounts Posts: 3,327 ✭✭✭Sykk


    Burn him at the stake!

    Mmmm... steak.


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    #7
    ScumLord
    Registered Users Posts: 28,789 ✭✭✭✭ScumLord


    What I don't understand is how the banks went broke, we bailed out the banks giving them all our money, yet somehow we owe them 10 times more than ever. We borrowed money from banks to pay back to the banks. It makes no sense.

    The banking system as a whole is a complete and utter joke making fools out of everybody and we really are fools for going along with their nonsense. Fixing the banking economy seems utter pointless.


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    #8
    Donkey Oaty
    Closed Accounts Posts: 4,533 ✭✭✭Donkey Oaty


    If the comments on the actual article on Rosie's link are correct, this story appears to be completely untrue.


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    #9
    Biggins
    Banned (with Prison Access) Posts: 34,567 ✭✭✭✭Biggins


    According to an article, we are only(!) eleven thousand something per head in debt!
    The article: http://www.dailymail.co.uk/news/article-1316442/Anglo-Irish-Bank-bail-Will-Irish-economic-meltdown-hit-UKs-fragile-recovery.html

    So we can sleep well tonight!
    Tomorrow? Thats another story. :(


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