Each Person in UK Over £60,000 In National Debt
In a stunning new report that has now been released by the Office for National Statistics, the national debt in the United Kingdom has been broken down into the cost per individual in the nation today. It turns out that at the current rate, with £4 trillion owed, each person in the country is carrying £65,000 each in state level debt. That means every single man, woman and even child in this country is bearing that much per person and this is actually double what independent analysts, who are generally more harsh with their figures, have estimated in the past. Put this way, people are a bit shocked to discover that despite whatever they earn and whatever level of debt they are personally dealing with, it is £65,000 at the state level that they are trying to pay down every time they pay their taxes.
At this level of debt, the average family in the UK would need to work for a full 5 years to pay off their selection of the national debt – not a pleasant thought for families with steep credit card or overdraft to pay already. Margaret Thatcher was famous for advising that the Government treat its own finances the way a real British household would and this study confirms her suspicions about the severity of debt in the nation today. With more people being forced into bankruptcy it turns out that the former Prime Minister just may have been on to something.
Some blame Labour and the Private Finance Initiative system for increasing the debt and the bailing of the banks during the massive global melt down that reached Britain. For others, it is the tax funded public sector pension and state pension schemes that they believe are making the trouble. Since the total value of the Government’s assets now is just under £1.4 trillion for every single office, council house, air craft, ship, vehicle, railway, school and hospital – plus all the land the state owns. That is not a very inspiring thing to see but it is the fiscal truth of the matter and signals that Britain may be in some rather grave danger if the course is not altered very quickly.
The rest of that £4 trillion in debt? It comes from the £2.5 trillion put into taking over the Lloyds Banking Group and the Royal Bank of Scotland and other expenses in the public sector. The Treasury is being accused of playing shell games to try and hide the amount of debt the UK is currently facing, but there can be no truth until the official review in October when a more accurate assessment of the financial state of the UK can be done.
