The End Of Britain:: The downward slide has begun
Monday, 21 October, 2013 Leave a comment
Britain is about to be flattened by a tidal wave of debt. It doesn’t matter if you vote Conservative, Liberal, Labour, UKIP – or for no party at all. The facts are the facts.
Let’s take a look at some numbers…
Two and a half years ago, when the Coalition government formed, we were already in a huge amount of debt. In fact, the previous government had left the country sinking under £700 billion’s worth. Take a look at the following chart:
The Coalition has spent the last two years desperately and very publically trying to get our finances in order. We’ve had an “austerity” budget. We’ve had tax hikes. We’ve had “the cuts”.
But for all that, our national debt is still growing at an incredible rate.
Despite David Cameron’s talk of “austerity”, he’s going to add an estimated £700 billion to the national debt in just five years. That’s more than Tony Blair and Gordon Brown added to the national debt in eleven years. It’s more than every British government of the past 100 years
The fact is, when you look at our finances as a whole, the Coalition isn’t cutting anything. State spending is going up… our national debt is going up… and our interest payments are going up.
By the next general election in 2015, our national debt is estimated to stand at almost £1.4 trillion, as this chart shows:
It’s clear: our public finances are in an enormous mess. Anyone can see that. And to some extent, some politicians will admit it. But add in our financial, personal and private debts… and an even darker picture emerges…
Compared to the size of our economy, Britain is now one of the most heavily indebted countries in the Western world. That’s official. Our total debts stand at more than FIVE TIMES what our entire economy is worth.
Proportionally, that’s more debt than Italy… Portugal… Spain… and almost twice as much debt as Greece. Those are four countries already in the throes of financial crisis. We’re the odd one out because we haven’t collapsed – yet. But things can’t stay that way for long.
via The End Of Britain.