“The truth is, they never really privatised as they said they did. They privatised profit, and they socialised investment and losses.”

Scriptonite Daily

BU1

UK Chancellor George Osborne’s Budget yesterday informed the nation that by 2018 national debt will have doubled since 2010, whilst the welfare state and living standards have been crushed.  If debt is going up, and services are being cut, where is the money actually going?

 Short History of UK National Debt

 BU2

National Debt was a facility created by the development of bills and bonds on the 17th century.  It provided a way for governments to finance wars. It is recorded in £’s but it is also important to see it as a percentage of GDP.  This is important because debt is not significant without understanding how it relates to our income.

Funding World War I meant the debt shooting up to £7.4bn (127% of GDP) between 1914 and 1919. The following two decades saw the Wall Street crash in the 20’s, followed by the recession…

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Author: gogwit

One foot in Sanity, the other in the adjoining parish, usually in the vicinity of the boundary between the two but sometimes straying into the main square of either and very occasionally taking occupation of the Town Hall...

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