Meatpie

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Britain’s government debt smashed through £1trillion for the first time yesterday – a staggering £40,000 per household.


Campaigners branded the milestone ‘terrifying’ and warned that taxpayers will have to foot the bill for decades to come.



Debts of £1trillion – an almost unimaginable figure with 12 zeros equivalent to one million million pounds – mean Britain will pay interest of £43billion this year alone.



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That is nearly £120million a day and more than the government spends on defence.
It comes after unprecedented levels of borrowing by Labour to pay for lavish state spending and the bailout of the banking system.


The national debt stood at just over £300billion a decade ago and was less than £500billion five years ago.


But it exploded while Gordon Brown was in power and boom turned to bust.
Treasury sources said it underlined how important it was to press ahead with the Chancellor’s austerity measures.


George Osborne plans to slash annual borrowing of £156billion under Labour to £35billion by 2014-15 through £81billion of spending cuts and £30billion of tax rises.


The £1trillion debt figure was recorded at 5.15pm on the UK National Debt Clock, an online British version of the billboard-sized running total of U.S. debt in New York.


But it does not include items such as the cost of public sector pensions and private finance initiatives - or people’s own mortgages, credit cards, overdrafts and personal loans.


The TaxPayers’ Alliance said the real national debt was close to £8trillion – or more than £300,000 per household.


Emma Boon, campaign director at the Alliance, said: ‘This is a terrifying new landmark in the nightmare of our national debt and it is ordinary taxpayers that will be footing the bill.


‘Every man woman and child will be paying for successive governments’ profligacy for decades to come if we don’t make spending cuts now.


‘What’s even more worrying is that the real national debt could be much higher.’
Labour claims that the pace of Mr Osborne’s spending cuts are ‘a risk to growth and jobs’ and could plunge the British economy back into recession.


The Centre for Economics and Business Research last week said the chances of a double-dip have risen from one in 10 to one in five since the Chancellor outlined his plans in October.


But other forecasters are more optimistic.
The Ernst & Young Item Club yesterday forecast growth of 2.3 per cent this year and 2.8 per cent in 2012.


Tory MP Matt Hancock, a close ally of Mr Osborne’s, said: ‘Labour maxed out the nation’s credit card and burdened our children and grandchildren with £1trillion of debt.


‘Yet Ed Miliband says he’d do it all again. Until Labour admit their mistakes they cannot be trusted with the nation’s finances.’


http://www.dailymail.co.uk/news/art...bt-pushes-barrier-reach-40-000-household.html


 
As usual it is the poorist who are been hit Meatpie. The gap between rich and poor will widen.
 
well in germany in this moment (18.01. 23:50) debts reaches about 1.719.160.500.000 € - so welcome in the club uk
 
As usual it is the poorist who are been hit Meatpie. The gap between rich and poor will widen.

I thought the UK was doing well, most people described as middle class.

The real shock came when they showed on TV and in newspapers hundreds of people in queues for just a handful of manual jobs.

In December Domino's pizzas were giving away free pizza slices in Manchester and hundreds of students formed long lines, really what a shame what the UK has come to, worse than Bulgaria.

There are poor people here too but at least they mayor of Sofia manged to get all the homeless into shelters so no one died this winter from exposure while in Poland as many as 100 died in December's big freeze.

well in germany in this moment (18.01. 23:50) debts reaches about 1.719.160.500.000 € - so welcome in the club uk

Really? Any links to source? I thought Germany was doing much better thant the UK.

Germany is Europe's largest and strongest economy.

Is it hard to get a job in Germany?
 
it´s hard to get a job - official unemployment about 3.000.000 people, real count (cause of false official statistics) about 5.000.000
links:
http://www.steuerzahler.de/
german ngo debt clock in the top of the right corner
http://www.economist.com/content/global_debt_clock
global overview specified to each country (shows that the relativly amount of public debts in germany reaches a higher level then uk or us par example)
 
Thank you Lukas, very interesting. Germany is a powerful nation I believe it will recover faster than other countries.

3 mln or even 5,000,000 as you said unemployed is disaster, I have very close friend who moved to London recently and she can't find a job although she has university education.
 
Unemployment has reached 21/2 miollion in Britain already and there is more to come. A few years ago our friends from eastern europe came over to work doing jobs english people didn't want to do,now they are been blamed for taking jobs away. It is wrong to blame foriegn workers in such a way. If we sent them all back many of our buisnssess would not function. Our hospitals rely on the hard working people who arrive here. This country is full of bigots at the moment.
 
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