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| The state is set to owe a total of £2,354 billion - some 61% more than the UK's annual GDP
30.10.08
My friend, Brooks Newmark the MP for Braintree , has spent considerable time over the past three years researching public debt. He says that the bank bail-out plan could drive the true level of Government debt to nearly £100,000 for every household in Gravesham.
The state is set to owe a total of £2,354 billion - some 61% more than the UK's annual Gross Domestic Product – our national income.
Brooks claimed that, including Public Finance Initiative projects, unfunded public sector pension liabilities, Network Rail debt and the nationalisation of Bradford and Bingley, "real" Government debt is currently £1,854 billion. That would make it three times higher than official figures suggest, and around £75,984 for every Gravesham household.
However, adding up to £500 billion from the banking bail-out takes levels to £2,354 billion, or £96,475 for each household.
Official data showed Government borrowing hitting a 60-year high last month, up to £8.092 billion compared to £4.775 billion in September last year.
The amount borrowed so far this financial year stands at £37.6 billion - the highest since records began in 1946. However, the Prime Minister has insisted that the UK's overall debt levels are lower than in most other industrialised nations, and the Government will borrow more to stave off the effects of the economic downturn. I’d be interested to know what Gravesham residents think.
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CONTACT Adam
By Post:
You can write to Adam Holloway at:
House of Commons, London SW1A 0AA
By email:
hollowaya@parliament.uk
By phone:
House of Commons: 020 7219 8402 Gravesham: 01474 332097
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