Tuesday, 25 January 2011

Giles McNeill: Labour’s Two Trillion Pound Debt

Today official figures have revealed that the national debt has risen above £2 trillion for the first time in our history.

According to the Office for National Statistics the national debt, including the cost of bailing out the banks, now stands at £2,323,000,000,000. That works out at over £37,600 for every man, woman and child in the country.

This terrible debt is Labour’s legacy. They thought that they had abolished boom and bust and so ran large deficits even before the financial crisis.

Because of this, we are currently paying £43 billion per year, over £120 million per day, in debt interest. This is money that could otherwise be spent on frontline services like schools and hospitals. The average earner in Gainsborough has to work for 152 days just to pay the interest on Labour’s debts.

Commenting, Giles McNeill said:
"These are shocking figures. Labour maxed out the nation's credit card with over £1 trillion of government debt. The longer it is left the worse it will get. If we don’t take steps now to live within our means we’ll end up paying higher taxes and face deeper cuts just to pay off our debt"