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 |
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Comments
Thomas Widmann
March 12th, 2008 3:47pmWill 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 3:48pmThe 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