11 Nov 2014

The UK government is on track to pay the bankers yet more interest on public sector debt

Just in case you haven't grasped this yet, here is an official document produced by House of Commons Library of the UK. The report, published on the 7th November, is called "Government borrowing, debt and debt interest: historical statistics and forecasts". It reproduces the set of figures and graphs that I had already seen about the amount of money that UK taxpayers have to find every year to pay the interest on public sector debt. Here it is again with the numbers since 1955. For the full story since 1694 and the creation of the Bank of England, see my earlier post.

It also gives the numbers for public sector borrowing, public sector debt, and public sector debt interest. I'll just show the numbers since 2008 - they illustrate just how well the UK governments efforts at fixing the economy have succeeded.
Finally, there is a graph that shows how the experts predict that the percentage of UK GDP that taxpayers will have to fork out to pay the banks for lending the government "money" will increase in the next few years.

As you can see, there are no plans to derail the Bankers' gravy train. From 2.8% in 2013/14, it's set to ramp up to over 3.5% of GDP in 2018. Now remind me, who is it that George Osborne is working for?

No-one seems to find it in the least abnormal that the Banking system is able to get UK taxpayers to pay them £50 billion a year in unjustifiable interest charges. I think that the image of enormously bloated parasitic tape-worm is quite appropriate. And the government clearly thinks that it is more important to keep the tape-worm well fed using taxpayers money than it would be to provide pointless things like public services.

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