Since 2001, successive Labour & Tory governments have pumped up the UK national debt from under £300 billion to over £1.8 trillion. During the same period, £600 billion of taxpayer money was wasted on servicing the debt. Borrowing is cheap - but not free!
thisismoney.co.uk/money/news/art…
thisismoney.co.uk/money/news/art…
The annual cost of servicing the UK national debt is now running at £30 billion, i.e. 3x what our EU membership costs. We have spent years in trench warfare over our participation in the EU with barely a squeak about the mountain of debt hovering over us.
en.wikipedia.org/wiki/United_Ki…
en.wikipedia.org/wiki/United_Ki…
The UK national debt is continuing to mount every year because the Government runs deficits, i.e. it spends more than it takes in in taxes and borrows to cover the shortfall.
In other words, the cost of servicing the national debt is also rising inexorably.
In other words, the cost of servicing the national debt is also rising inexorably.
Recent increase largely down to voter-pleasing tax giveaways:
- Fuel duty freeze (£46 billion in foregone revenue since 2010)
- Raising of 40% higher tax band from over £31,785 in 2015/16 to over £37,500 in 2019/20
- Abolition of 50% tax band
- Corporation tax cut from 28% to 19%
- Fuel duty freeze (£46 billion in foregone revenue since 2010)
- Raising of 40% higher tax band from over £31,785 in 2015/16 to over £37,500 in 2019/20
- Abolition of 50% tax band
- Corporation tax cut from 28% to 19%
Circling back to the tweet that opened this thread.
If you consider the situation from a different angle, though the national debt increased by £1.5 trillion since 2001, we spent £600 billion on interest payments.
In other words, we only got £900 billion net to spend on stuff.
If you consider the situation from a different angle, though the national debt increased by £1.5 trillion since 2001, we spent £600 billion on interest payments.
In other words, we only got £900 billion net to spend on stuff.
