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Jobs at Telegraph

Wednesday, 12th March 2008

A bundle of debt

Fraser Nelson 3:35pm

If you’re sitting down, have a look at this government debt projection. One of my favourite parts of the Budget is the Maastricht Treaty debt, calculated under a definition the Treasury cannot wangle. Have a look at this and remember – you’re paying for it. 

  Debt, £billion
2006-07 574
2007-08 616
2008-09 679
2009-10 728
2010-11 771
2011-12 809
2012-13 844

Source: HM Treasury, Budget 2008, p.184

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Thomas Widmann

March 12th, 2008 3:47pm Report this comment

Will this mean that the UK will soon not qualify to join the euro any more? Not that it looks likely Brown would apply, but it's surely better to have the option than to get yourself into such a big hole that you aren't welcome in club if you changed your mind.

Mike

March 12th, 2008 3:48pm Report this comment

The Tories have to go for Browns' jugular now. Is this the defining moment politically, that will set the terms of trade for the next election? The government is in a mess and has clearly lost control of borrowing. If our debt service costs are today c.£30Bn the same as the defence budget, my rough maths shows that they will be north of £41Bn in 2012. This is a cost of £631 per year per man, woman or child or £2,500 per (hard working) family. This is NuLabs legacy. Time to move in for ths kill

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