Ever increasing debt

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Boro Boy
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Ever increasing debt

Post by Boro Boy » Mon Oct 28 2019 7:11pm

Austerity may have slowed down the growth rate but it would seem that a big change is required to alter the course of the ever increasing National Debt:

Table 1: General government gross debt

UK, financial year ending March 2011 to financial year ending March 2019 and calendar years 2010 to 2018
……………………………..£billions(3)...…..Debt
Financial Years...….Debt(2)…………….as % GDP
2010/11...……...…..1,214.5......…….75.6
2011/12...…………….1,349.7......…...81.8
2012/13...……...…..1,425.6...………..83.3
2013/14...…...……..1,522.5......…...85.5
2014/15...…………...1,604.0...…......86.5
2015/16...…...……..1,652.0...………..86.4
2016/17...…………...1,720.0......…...86.5
2017/18...……….....1,763.8...………..85.3
2018/19..............1,821.3...………..85.2

£billions(3) Debt
Calendar Years Debt(2) as % GDP
2010 1,194.3 75.2
2011 1,328.8 80.8
2012 1,424.8 84.1
2013 1,499.8 85.2
2014 1,604.8 87.0
2015 1,666.0 87.9
2016 1,731.4 87.9
2017 1,786.1 87.1
2018 1,837.5 86.8

Source: Office for National Statistics
Notes:
1. 2018/19 refers to the financial year ending March 2019.
2. Consolidated and at nominal values.
3. Unless otherwise stated.
Last edited by Boro Boy on Mon Oct 28 2019 7:18pm, edited 1 time in total.

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Re: Ever increasing debt

Post by Richard Frost » Mon Oct 28 2019 7:15pm

NB: Since 2010 when the Cons. took power from the Labour Party.
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Re: Ever increasing debt

Post by Boro Boy » Mon Oct 28 2019 7:21pm

William Joseph1 wrote:
Mon Oct 28 2019 7:15pm
NB: Since 2010 when the Cons. took power from the Labour Party.
You need to see the figures of the galloping debt during the Labour stewardship and you might change your mind.

Debt is so large in recent times that no Government (whatever the colour) could tackle it with the normal approaches used by those in the past; something much more that austerity needs to be done not just to slow down the rate of growth of the National Debt but to send it into reverse...!
Last edited by Boro Boy on Mon Oct 28 2019 7:23pm, edited 1 time in total.
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Re: Ever increasing debt

Post by macliam » Mon Oct 28 2019 7:22pm

Just shows how successful Austerity was....... :roll:
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Re: Ever increasing debt

Post by Boro Boy » Mon Oct 28 2019 7:25pm

macliam wrote:
Mon Oct 28 2019 7:22pm
Just shows how successful Austerity was....... :roll:
...agreed, it only slowed to rate of growth of the debt down; we still need to tackle to debt itself.
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Re: Ever increasing debt

Post by Richard Frost » Mon Oct 28 2019 7:25pm

Boro Boy wrote:
Mon Oct 28 2019 7:21pm
William Joseph1 wrote:
Mon Oct 28 2019 7:15pm
NB: Since 2010 when the Cons. took power from the Labour Party.
You need to see the figures of the galloping debt during the Labour stewardship and you might change your mind.
Not necessary, I am commenting purely on the facts that you have laid before us.
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Re: Ever increasing debt

Post by Richard Frost » Mon Oct 28 2019 7:30pm

Approximately a third of this debt is owned by the British government due to the Bank of England's quantitative easing programme, so approximately 1/3 of the cost of servicing the debt is paid by the government to itself, reducing the annual servicing cost to approximately £30 billion (approx 2% of GDP, approx 5% of UK government tax income).
https://en.wikipedia.org/wiki/United_Ki ... ional_debt
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Re: Ever increasing debt

Post by kevinchess1 » Mon Oct 28 2019 7:38pm

I thought it was the coalition that took power in 2010?

Do you believe that a Labour government will reduce the National debt?
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Re: Ever increasing debt

Post by Richard Frost » Mon Oct 28 2019 7:56pm

kevinchess1 wrote:
Mon Oct 28 2019 7:38pm
Do you believe that a Labour government will reduce the National debt?
That was neither said or suggested. The OP is talking about the rise in National Debt since 2010. That is all I was commenting on.
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Re: Ever increasing debt

Post by Chadwick » Mon Oct 28 2019 7:59pm

Boro Boy wrote:
Mon Oct 28 2019 7:21pm
William Joseph1 wrote:
Mon Oct 28 2019 7:15pm
NB: Since 2010 when the Cons. took power from the Labour Party.
You need to see the figures of the galloping debt during the Labour stewardship and you might change your mind.

Debt is so large in recent times that no Government (whatever the colour) could tackle it with the normal approaches used by those in the past; something much more that austerity needs to be done not just to slow down the rate of growth of the National Debt but to send it into reverse...!
Have you got the figures for the pre-2010 Labour period?

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