Britain's national debt has risen above £1tn for the first
time on record, underlining the huge task facing the government in bringing the
public finances under control.
Official figures released on Tuesday morning showed the
total public sector net debt (excluding the impact of the 2008 banking
bailouts) rose to £1.004tn in December, the highest since records began in 1993
and equivalent to 64.2% of GDP (up from 59.4% a year ago).
The government claimed that the milestone underlined the
need to cut Britain's borrowing levels.
"[This] shows the unsustainable level of spending this
country built up over the past few years, and shows why it is critical for our
nation's future that we deal decisively with the deficit," a Treasury
spokesman said. (Read further: Source)
-----------------------------------------------
* Facebook: National-Anarchist
Movement (N-AM)
Posts
