This news item was published by the Guardian on October 20, 2008.
The amount borrowed this year stands at 37.6% of Britian’s GDP which compares favourably with France (55.5%), Germany (56.1%) and Japan (94.3%).
“…the root cause of the problem is irresponsible lending. That happened in the private sector.” Brown said…
This news item was published by BBC on November 18, 2008.
It puts together a number of really interesting statistical records:
- Labour made more net debt repayments (£41bn) since 1997 than the Conservatives in 17 years of power(£17bn).
- During the last recession, in 1993, the Conservatives borrowed about £51bn. this year, Labour is expected to borrow £64bn.
- After WWII, the national debt was about £24bn. In September this year public sector net debt had reached about £645bn.
And it shows how the national debt is independent of Labour and Conservatives.
This article appeared in the Business Blog of the Guardian on October 9, 2008. As it describes the US situation, it also suggests that a UK variety should be created – next to Bg Ben…
But here, the national debt became an institution through the Debt Management Office, as soon as Labour came into power.
This site is “helping to simplify economics”.