Government Debt Interest Repayments

smartn

Ok, I have just read that Government debt INTEREST REPAYMENTS in Sept were 5.9 billion. If this is true and my calculations are right is that not approximately £100 for every man, woman and child in this country?

Makes me want to weep, £400 of what my wife and I earned this month went to pay down government debt!!! Someone please tell me my calculations are wrong.

Thrugelmir

smartn wrote: »

Ok, I have just read that Government debt INTEREST REPAYMENTS in Sept were 5.9 billion. If this is true and my calculations are right is that not approximately £100 for every man, woman and child in this country?

Makes me want to weep, £400 of what my wife and I earned this month went to pay down government debt!!! Someone please tell me my calculations are wrong.

No, not to pay down Government debt just to service it. We haven't tackled the issue of repayment yet.

And the UK itself may yet face higher interest rates to borrow the money. As this is something the BOE doesn't have control over. :eek:

LeeSouthEast

We're screwed...

bumpoowee

smartn wrote: »

Ok, I have just read that Government debt INTEREST REPAYMENTS in Sept were 5.9 billion. If this is true and my calculations are right is that not approximately £100 for every man, woman and child in this country?

Makes me want to weep, £400 of what my wife and I earned this month went to pay down government debt!!! Someone please tell me my calculations are wrong.

Your calculations were wrong.

If you work, you are probably paying many other non-working/contributing peoples share as well.

kabayiri

smartn wrote: »

Ok, I have just read that Government debt INTEREST REPAYMENTS in Sept were 5.9 billion. If this is true and my calculations are right is that not approximately £100 for every man, woman and child in this country?

Makes me want to weep, £400 of what my wife and I earned this month went to pay down government debt!!! Someone please tell me my calculations are wrong.

Your calculations are indeed wrong.

There are a whole bunch of people who can't pay their chunk because :-
a) they don't have an income, except off the state
b) they don't earn enough to make any sort of contribution
c) they don't let on what they really earn
d) they have great accountants to disguise what they really earn

It's quite possible you will have to pay double share or something...

But, on the flip side, make all the interest payments and you get a choice of a nice badge; a parker pen; or a t-shirt.
:rotfl:

[There's always a flip side]

CLAPTON

smartn wrote: »

Ok, I have just read that Government debt INTEREST REPAYMENTS in Sept were 5.9 billion. If this is true and my calculations are right is that not approximately £100 for every man, woman and child in this country?

Makes me want to weep, £400 of what my wife and I earned this month went to pay down government debt!!! Someone please tell me my calculations are wrong.

what were the alternatives?

they may have cost you masssively more or less but you show no awareness of what these alternatives were/are.

smartn

CLAPTON wrote: »

what were the alternatives?

they may have cost you masssively more or less but you show no awareness of what these alternatives were/are.

Surely the alternative was not to get in to such a bloated mess of welfare payments etc in the first place. We do seem to have a culture in this country now where it has become perfectly acceptable for many to spend ones life living off the income of the working population!

smartn

bumpoowee wrote: »

Your calculations were wrong.

If you work, you are probably paying many other non-working/contributing peoples share as well.

I based my calculations on a working population of approx 30 million (neither of my kids work) so I think my figures are probably Ok ish.

smartn

Thrugelmir wrote: »

No, not to pay down Government debt just to service it. We haven't tackled the issue of repayment yet.

And the UK itself may yet face higher interest rates to borrow the money. As this is something the BOE doesn't have control over. :eek:

Quite correct, my use of the words to pay down was indeed wrong, this figure doesnt even begin to attempt to pay down any of the debt. Very scarey stuff indeed.

kabayiri

smartn wrote: »

I based my calculations on a working population of approx 30 million (neither of my kids work) so I think my figures are probably Ok ish.

This still doesnt stack really.

Without being emotive, it's fair to say that those at the bottom end of the payscale are likely to be net receivers of public money, with the availability of tax credits etc.
[this is not questioning the validity of such a situation]

Those at the very top of the payscale are likely to have decent tools at their disposal to regulate the amount of tax they pay.. Again, as it stands, there is nothing illegal in this.

It's clear the squeeze will come on the middle income earners. How successful this process will be, time will tell.

I think we have to look for savings across the board. We should consider what was previously unthinkable, such as nominal charges for GP visits etc. Taxing services / goods on use / purchase will generate income from a wider range of people.

Rochdale_Pioneers

The other thing to consider is what the opposition are desperate to ignore - the economy will recover, and tax revenues will pay off the debt. As they always do.