Britain's debt mountain reaches £1.39 TRILLION, equivalent to 90% of the entire economy
By Matt Chorley,
Mailonline Political Editor
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Britain’s debt mountain has topped £1.387trillion, and is now the equivalent of 90 per cent of the entire economy - new figures from the Office for National Statistics revealed today.
The ONS said that
in December gross debt, which includes all financial liabilities of
both central and local government but does not take account of liquid
assets, was £1,387,436,000,000,
up seven per cent on a year earlier.
By comparison, the entire British economy was valued at £1,541,465,000,000.
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Britain’s debt mountain has topped £1.387trillion, and is now the equivalent of 90 per cent of the entire economy - new figures from the Office for National Statistics revealed today.
Gross national debt has risen
dramatically since the financial crash in 2007, new figures from the
Office for National Statistics show
By comparison, the entire British economy was valued at £1,541,465,000,000.
In a boost for George Osborne,
today's figures show how annual government borrowing has fallen
markedly since 2009
HOWEVER.....
Britain will be giving £1.4billion over five-year to Pakistan
At home the figures provoked renewed criticism of the Coalition’s £10billion annual aid budget, which is due to continue rising while most other Whitehall departments are forced to make savings.Tory MP Philip Davies said: “For some reason, the Government has taken leave of its senses on the question of overseas aid.
“Whatever the rights and wrongs of foreign aid, the fact is that this country has got no money and when your finances go down you have to adjust your spending accordingly.
“It’s bizarre that we are effectively borrowing money from other countries to give it away in overseas aid.”
“Spending the biggest proportion of national wealth on international aid globally will be little comfort to taxpayers who also face one of the biggest deficits in the world.
Britain continues to increase its aid commitments
