Author Topic: Britain's triple-A credit rating goes as UK debt pile increases  (Read 5065 times)

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The Prophet

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Forget about George Osborne's "priority" to reduce the deficit by cutting public spending - most MP's don't even know the difference between a deficit and a debt anyway. 
Despite everything, the deficit continues to increase.
Public borrowing in 2012-2013 is forecast to reach £128bn, exceeding last years' figure.
The government continues to spend (waste) more money than it raises through taxation.

With the annual budget deficit increasing, we are adding more money to the nation's debt every year.
By 2016, the national debt will have reached £1.6trillion, that's £1,600,000,000,000  - five times more than in 2000.

In 1976 the budget deficit was 6% of GDP, in 2012 it was 8.9%. 
In 2012, the interest payments on the national debt were £44.8billion.