They are expected to borrow £175b this year, the National Debt will be £800b.In 1976 the Government was allowed to borrow £3b of the IMF.Even allowing for inflation these figures look much worse.We are going to require a hell of a boom to get this debt down.
How long can the Government keep borrowing?
Aug 21, 2009
2 Replies
Well, we'll probably continue to borrow some of it from ourselves thanks to the BoE's smoke & mirrors capabilities. And there are still a lot of institutions with mountains of money to park (some of it borrowed from Central Banks at stupid rates). In these uncertain times government debt -- even the obscene amount being generated on both sides of the pond now -- must seem like the least worst option to many.
So to answer your question... think of a number then add a zillion noughts on the end. Debt is the new wealth and we're all going to be quadrillionaires! Just ignore the minus sign in front of it.
Andrew McP
800b.In 1976 the Government was allowed to borrow 3b of the IMF.Even allowing for inflation these figures look much worse.We are going to require a hell of a boom to get this debt down.
What I'm hoping is that when the Tories or who ever get in next year they will be able to properly tell us the score because at that stage it's not their fault. Only when their own chickens start to come home to roost will they start to lie or equivocate to the electorate like the Labour government is doing.
Rob Graham
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