UK government debt hits £2tn for first time
Discussion
https://www.bbc.co.uk/news/business-53859299
UK government debt hits £2tn for first time
''At the end of July, debt was £2.004tn, £227.6bn more than at the same point last year, the Office for National Statistics (ONS) said.
This is 100.5% of GDP, the first time it has been above 100% since the 1960-61 financial year, the ONS said.''
Here's a fact for you took 300 years to get to 1 trillion in debt, took the Tory Government just over 10 years to double it to 2 trillion in debt. 4 trillion by 2025?
UK government debt hits £2tn for first time
''At the end of July, debt was £2.004tn, £227.6bn more than at the same point last year, the Office for National Statistics (ONS) said.
This is 100.5% of GDP, the first time it has been above 100% since the 1960-61 financial year, the ONS said.''
Here's a fact for you took 300 years to get to 1 trillion in debt, took the Tory Government just over 10 years to double it to 2 trillion in debt. 4 trillion by 2025?
Edited by anonymous-user on Friday 21st August 08:58
TwigtheWonderkid said:
At least Labour aren't in charge, with their magic money tree. 
Well considering the Tories have spent 1 trillion on debt in 10 years, more that labour ever did, i think the magic money tree is clearly a Tory policy now, and we ain't even nearly done with CV19 and the decimated economy , much more will be needed.
The Spruce Goose said:
....
Here's a fact for you took 300 years to get to 1 trillion in debt, took the Tory Government just over 10 years to double it to 2 trillion in debt. 4 trillion by 2025?
....
You were doing so well with your innocuous, "stating the obvious" post and then you went and spoilt it and made yourself look like a proper plum who doesn't understand the numbers.Here's a fact for you took 300 years to get to 1 trillion in debt, took the Tory Government just over 10 years to double it to 2 trillion in debt. 4 trillion by 2025?
....
The Spruce Goose said:
TwigtheWonderkid said:
At least Labour aren't in charge, with their magic money tree.
Well considering the Tories have spent 1 trillion on debt in 10 years, more that labour ever did, i think the magic money tree is clearly a Tory policy now, and we ain't even nearly done with CV19 and the decimated economy , much more will be needed.
Guess what happens to the National Debt when those bars are above 0.
The above obviously doesn't look at what the case might be this year, but then something unusual has happened this year I think
Now, let's look at when the "Tories" came into power (actually the coalition). And let's consider the direction of travel of this figure and that momentum means slowing it down isn't straightforward ("austerity").
Murph7355 said:
Don't double down.
Guess what happens to the National Debt when those bars are above 0.
The above obviously doesn't look at what the case might be this year, but then something unusual has happened this year I think
Now, let's look at when the "Tories" came into power (actually the coalition). And let's consider the direction of travel of this figure and that momentum means slowing it down isn't straightforward ("austerity").
yet me are talking about how much the overdraft is, you said my numbers were wrong when my statement was fully factual.Guess what happens to the National Debt when those bars are above 0.
The above obviously doesn't look at what the case might be this year, but then something unusual has happened this year I think
Now, let's look at when the "Tories" came into power (actually the coalition). And let's consider the direction of travel of this figure and that momentum means slowing it down isn't straightforward ("austerity").
You seem to insult and try and twist clearly written statements to 'win' arguments, which is very childish really, and immature.
The Spruce Goose said:
yet me are talking about how much the overdraft is, you said my numbers were wrong when my statement was fully factual.
You seem to insult and try and twist clearly written statements to 'win' arguments, which is very childish really, and immature.
It's not a fYou seem to insult and try and twist clearly written statements to 'win' arguments, which is very childish really, and immature.
king overdraft. Oakey said:
Are people who post about the debt without acknowledging the £130billion a year deficit that was inherited from the previous Labour government just being disingenuous or are they simply ignorant?
Disingenuous and the same people complain about the horrors of Tory "austerity" without any realisation of the irony. Oakey said:
It's not a fking overdraft.
well interest is paid on the debts that are borrowed. What would you call it?king overdraft. The thing that Murphy misses out on because he is a bit of an idiot is his graph doesn't include interest payments to service the debt.
60-80 billion gdp just in interest alone.
If the interests rate were to rise, which is highly likely as 25% of the debt is from overseas, well it would easy start to add up.
The Spruce Goose said:
yet me are talking about how much the overdraft is, you said my numbers were wrong when my statement was fully factual.
You seem to insult and try and twist clearly written statements to 'win' arguments, which is very childish really, and immature.
You might want to read what I said to avoid being all offended.You seem to insult and try and twist clearly written statements to 'win' arguments, which is very childish really, and immature.
Your National Debt figure is fine.
Your accusation against Tory governments demonstrates a lack of understanding of how the National Debt has been amassed.
I have no need to "win" an argument with you. There's no argument to "win". As you note, just facts. But in the topic you elected to start (if you don't like critique, posting on here is not a great move), the context and ALL the facts are the important thing if you want your political point to stick.
Yes, the National Debt under the coalition and Tory governments has doubled in the time period noted. But the deficit drives it and the coalition and Tory governments have brought that down. Ergo they have improved the position since inheriting a basket case from another party who had been in power for 13yrs.
(I'd have been all up for the National Debt coming down in that period frankly. But with the cuts that would have been needed to get us into credit right from 2010 I doubt you would have been. Fauxsterity would have been a walk in the park).
Oakey said:
Are people who post about the debt without acknowledging the £130billion a year deficit that was inherited from the previous Labour government just being disingenuous or are they simply ignorant?
They either don't have any understanding of it or they let their hatred of the nasty tories cloud their intelligence! The Spruce Goose said:
....
The thing that Murphy misses out on because he is a bit of an idiot is his graph doesn't include interest payments to service the debt.
.....
When calling someone an "idiot" it's generally a wise move to educate yourself and understand what you are reading first The thing that Murphy misses out on because he is a bit of an idiot is his graph doesn't include interest payments to service the debt.
.....
But keep going. This is going to be fun aaaaalllllll day.
The Spruce Goose said:
well interest is paid on the debts that are borrowed. What would you call it?
The thing that Murphy misses out on because he is a bit of an idiot is his graph doesn't include interest payments to service the debt.
60-80 billion gdp just in interest alone.
If the interests rate were to rise, which is highly likely as 25% of the debt is from overseas, well it would easy start to add up.
If you inherited a business with zero debt (to keep things simple) but it had a £130billion per annum deficit, how much would that business be in debt after the first year? If you did nothing to reduce that deficit, how much would you owe after 2 years? Or 5? Or 10?The thing that Murphy misses out on because he is a bit of an idiot is his graph doesn't include interest payments to service the debt.
60-80 billion gdp just in interest alone.
If the interests rate were to rise, which is highly likely as 25% of the debt is from overseas, well it would easy start to add up.
Come on, I know you understand this, you're just being deliberately obtuse.
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