22 April 2009

The reality of Government debt...

I have always been a big proponent of balanced books at fiscal responsibility. I laregly welcomed a number of the measures in the budget, in particular the new 50% tax rate for the highest earners.

But the scale of public debt is now at astonishing levels.

According to The Spectator:
Britain will borrow £175 billion this year, £173 billion the year after — a higher total in two years than in the entirety of the 316 years since King William introduced the national debt.
Absolutely mind boggling... 

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1 comment:

blogspot said...

Isn't this just right wing rhetoric. I want to know how much of the current debt is from new spending and how much is from bank bailouts?