UK national debt hikes £1 trillionUK national debt hikes £1 trillion
Tue Jan 24, 2012 2:39PM GMT
Britain's national debt has for the first time passed the £1trillion mark, as the government borrowed about £14 billion in December despite its austerity measures.
The Office for National Statistics (ONS) issued a report revealing that public sector net debt excluding financial interventions, like bank bailouts, climbed to £1.004 trillion last month, the highest since records started in 1993.
ONS also said that it estimated the figure would ease back in January because of tax inflows, but would climb again in February.
The hike in the debt comes despite the coalition government's harsh spending cuts, leaving hundreds of thousands of British families to live under financial pressures.
Vicky Redwood, senior economist at Capital Economics, stressed that the debt figure highlights further challenge to get the public finances back on a sustainable footing.
"We expect weaker growth than the Office for Budget Responsibility is forecasting to make its future borrowing forecasts much harder to meet. Indeed, so far, it has been weaker spending growth helping borrowing to fall, whereas tax receipts are falling short of the fiscal forecasts," she said.
Insisting that the British economy has made good progress, Treasury spokesman said, "our national debt simply shows the unsustainable level of spending this country built up over the past few years, and shows why it is critical for our nation's future that we deal decisively with the deficit.”
Labour's shadow chief secretary to the Treasury Rachel Reeves declared that the Tory-led government was only on track for borrowing targets that were a shocking £158bn off track, showing Prime Minister David Cameron and his Chancellor George Osborne's pledge to balance the deficit by 2015 would lie in tatters.
Jan 25, 2012 3:44 AM
One Trillion is that the short term or the long term debt? The US’s short term is about Fifteen (15) Trillion but the long term is apparently more than One Hundred (100) Trillion. But, of course, by comparing the US’s GDP, the amount of resources, self sufficiency of US and other factors the Brits are in as much debt as the US. Well, it appears since the Zionists were kicked of the South America, they have been hard at work destroying the economies of both US and Europe including the Brits. Wow, what will happen once the people actually wake and see what these Zionists have been doing “ONCE AGAIN”? I guess time will tell, ha?
IMF slashes growth forecast for Britain
Wed Jan 25, 2012 4:15AM GMT
IMF chief Christine Lagarde
The International Monetary Fund (IMF) has cut its economic growth forecasts for Britain as the volume of the country's national debt reached above GBP 1 trillion for the first time.
The IMF forecast predicted a growth rate of just 0.6 percent for the British economy this year, lowering its forecast by one percent of 1.6 percent, British media reported.
The figures come at a time when "intensifying strains" in the eurozone slow global recovery with figures released by the Office for National Statistics (ONS) showing that the UK's debt has risen to £1,003.9 billion, or 64.2 percent of Gross Domestic Product (GDP), up from £883 billion a year ago, according to reports.
The UK economy will come under increased focus on 25 January when GDP figures are published for the fourth quarter of 2011 - revealing how close the country is to falling into recession.
The IMF said the greatest challenge was putting "an end to the crisis in the euro area by supporting growth" while restoring public finance balance sheets and sustaining economic recovery.
The UK is still expected to outperform Germany and France in 2012, which are expected to grow by 0.3 percent and 0.2 percent respectively.
Britain, as predicted by the IMF, will fall behind the U.S. and Japan, which are expected to grow 1.8 percent and 1.7 percent apiece.
The UK GDP figures released by the ONS are expected to show that the economy ground to a halt in the final quarter of 2011. Since this debt is owing to the private bankers who own and control the bank of England; much the same as the US debt belonging to the private bankers who own the Federal Reserve, most of this debt arose from fraud. philo09 Post time: 2012-1-25 12:36 static/image/common/back.gif
Since this debt is owing to the private bankers who own and control the bank of England; much the sa ...
Another form of stealing. Hmoonhistorian Post time: 2012-1-26 02:48 static/image/common/back.gif
Another form of stealing.
Yes, creating money from thin air and charging interest on it is theft. philo09 Post time: 2012-1-25 12:53 static/image/common/back.gif
Yes, creating money from thin air and charging interest on it is theft.