UK Government Debt

I read that the USA government debt is currently about $7.5 trillion. Anyone know what the UK government debt is?

Given our economy is about 1/10 that of the USA, I would guess an equivalent debt of $750 billion or about 370 billion?

Thanks,

Roland.

Reply to
Roland Watson
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Reply to
Sam Nelson

£437.4Bn in 2003 £1,099Bn GDP £35Bn government debt (presumably one years debt)

I don't think that it will take long to get as bad as the ~£50Bn pa as it was in the early 90s.

Daytona

Reply to
Daytona

I think somewhere between 30% and 40% of GDP, rising towards the latter under Labour, so in a trillion quid economy, your figures look pretty near spot on.

FoFP

Reply to
M Holmes

Although debt does not include unfunded liabilities such as public sector pensions, which if included would take debt well beyond a trillion.

Reply to
John Redman

That's not debt though is it? These pension liabilites could be changed overnight by simple legislation.

Reply to
Chris Game

The US economy appears to be leveraged at 68%!

So, the US GDP is about $11 trillion in 2003. The UK about $1.7 trillion in

2003.

Thus the US economy is 6.5 greater. The debt of the US government appears to be $7.5 trillion / 470 billion greater = 9.1 times greater than the UK debt.

I think Asian central banks trust american dollars to much!

Roland.

Reply to
Roland Watson

Or , I guess, PFI commitments.

DG

Reply to
Derek *

Not if the government wants any chance of being re-elected

Reply to
Jonathan Bryce

To whom do the government owe all this money to ? whos richer than america ?

Reply to
Just Wondering

Yes, the question is when will their nerve break and they start selling (since the dollar is on a slide, the value of the asian's dollar paper is shrinking).

Reply to
Chris Game

They are more likely to be increased in an attempt to buy still more votes.

Reply to
John Redman

Why isn't it debt?

Seems to me that in the ordinary meaning of the word, it's exactly that. Money due to someone and payable by a public authority at a future date.

Rgds __ Richard Buttrey Grappenhall, Cheshire, UK __________________________

Reply to
Richard Buttrey

"Richard Buttrey" wrote

Because it'll be passed to you and me, so it's our debt rather than "government" debt?

Reply to
John Redman

So it's still debt then - as I said.? All we seem to be debating is who's liable for the debt.

Rgds

__ Richard Buttrey Grappenhall, Cheshire, UK __________________________

Reply to
Richard Buttrey

"Richard Buttrey" wrote

There's no debate about that m8

It's going to be us.

Reply to
John Redman

I think you're at cross purposes. The OP was suggesting that it wasn't debt. I pointed out that it clearly was.

I made no comment about who picks up the debt, which seems to be the angle you're coming from.

Rgds

__ Richard Buttrey Grappenhall, Cheshire, UK __________________________

Reply to
Richard Buttrey

It's not a "proper" debt because, as Chris Game alleged, it could be voided at a stroke: the pension rights could be abolished by legislation.

Reply to
Ronald Raygun

I doubt if that would stand up to scrutiny. After all most people have been contributing to their pension- generally from 5-11% of salary. That would run all the way to the court of human rights.

I do think there may have to be a scaling back of the amount offered though.

Neb

Reply to
Nebulous

But highly unlikely given the govts. present anxiety to ensure there is a pensions 'safety net' to cater for companies going out of existence. I can't see even this lot cancelling public sector pensions.

On a pedantic note, there was no restriction of the word 'debt' in the OP. I think everyone would understand the term 'debt' in the ordinary course of the word, as something which is owed by one person/organisation to another. If you take the line that any debt could ultimately be cancelled by statute, then whilst no doubt true in the final analysis, it doesn't negate the fact that ** at the moment

** it is clearly debt.

Rgds __ Richard Buttrey Grappenhall, Cheshire, UK __________________________

Reply to
Richard Buttrey

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