Britain's National Debt... a Ticking Time Bomb...?

Britain's National Debt has just kept on growing under the Tories even though they are traditionally the party of 'fiscal responsibility'.

Previous to the start of the Tory reign in 2010 the New Labour government was more relaxed about borrowing to invest in the national infrastructure, most notably, back then, the education system.

Fifiteen years ago the Tories sought to put a stop to what they saw as overspending based on debt.... In the run up to the 2010 General Election David Cameron trashed Gordon Brown's plan to double the National Debt to £1.4 Trillion.

However since then, under the Tories, the debt has almost doubled again to an eye watering £2.5 trillion.

And what's worse is that this £1.4 trillion addition hasn't gone on Vesting in capital infrastructure, it's been accrued to just keep people afloat during crisees, Covid being the most obvious one.

(The only major national infrastructure project we've Vested in during the last decade is HS2, but that's an expensive way to give us all a good damn laugh, although in fairness it has made most of us laugh so hard we're now crying.)

The old national budgeting plan was reasonable... borrow to either invest in capital infrastructure projects which create economic growth and then pay back once we're growing; OR borrow to get us through a crisis and then pay back once the crisis is over and we're growing...

But there is no economic growth!

Britain's GDP has been increasing at only around 1% a year since 2010. NB the 2021 growth rate of 7% isn't real, it's just a bounce back after Covid, in fact if you take the two years 202 and 2021 together it's negative growth after all!

There doesn't seem to be any OOMFPH in the UK economy ATM...

Debt interest is now almost 10% of government spending...

The government now spends £111 billion a year on just the interest on that debt. That is almost 10% of government spending.

Something needs to change, FAST!

Basically, we need to stop borrowing money to live. That £111 billion figure is on a par with the amount we spend on education. It's A LOT of money that could be being invested in, well, anything that isn't debt servicing.

It's a 10% reduction in the capacity of the UK government to do anything beneficial with our taxes.

And let's not forget it's the taxpayer that pays for this debt servicing. 10% of your taxes just wasted, that's what this means!

This is going to go on for years to come, but 10% is sustainable, but we need to either reduce expenditure or raise taxes basically NOW otherwise I just can't see a way back, unless there's a global reset, which is maybe what we're pushing for here!?!

Or unless the UK's CBDC saves us all - maybe we can mint $2.5 trillion worth of BoE NFTs... yeah, that'll work!