Today marks the day when we have £1 trillion debt. It probably won't stop growing until it reaches £1.4 trillion and will probably never fall below £1 trillion again.
The national debt has grown hugely in recent years. To think that it was only £413 billion in 1997 after all those years beforehand and it's more then doubled in 15 years.
The early years of the Labour government made good and reduced the debt to £385 billion before reverting to type, letting rip and allowing it to expand to £618 by the end of 2007 - the growth years. That's an extra £200 billion borrowed while we were making hay!
The structural debt had become built in as many more people became dependent or assisted by the welfare state and the public sector bloated. Add in the bank bailout and recession and bang, £1 trillion debt.
A somber day for the economy, growth figures tomorrow and Greece and the EU on a knife edge. Welcome to 2012!
Squiffy.
Tuesday 24 January 2012
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