£120,000,000 a day in interest alone!!!

gagahouse

Generali wrote: »

My guess is that much of this will be held to maturity and retired.

Agree especially as the Treasury has indemnified the BOE on any losses on the Gilts they bought, it's like having a free call option!

StevieJ

ILW wrote: »

£700 per person per year sounds a lot of money to me for just the interest without even touching the capital.
Does make you think that we coould have been in a pretty good position now if we had lived within our means in the past. As someone said earlier we could be building 5 schools per day at no cost.

Be a lot more than £700 (plus capital) if you had to pay for health insurance and private school fees for you family.

danielanthony

Thrugelmir wrote: »

That's more than £80,595 for every person in employment

:mad: :eek:

The government should be supporting those with jobs more than worrying about those on benefits and being 'fair'. After all, who is going to be paying off this massive debt? Single mums with 4 kids? I don't think so.

Hereward

danielanthony wrote: »

:mad: :eek:

The government should be supporting those with jobs more than worrying about those on benefits and being 'fair'. After all, who is going to be paying off this massive debt? Single mums with 4 kids? I don't think so.

Single mum's with four kids can and do have jobs.

ILW

StevieJ wrote: »

Be a lot more than £700 (plus capital) if you had to pay for health insurance and private school fees for you family.

If we had spent a little less in the past and not built up the debt, the extra £700.00 would now be avvailable to spend on all sorts of good things at no cost whatsoever.
Increasing debt during a boom is just mad.

ILW

Hereward wrote: »

Single mum's with four kids can and do have jobs.

True, but many will receive more in credits than they pay in tax.

danielanthony

Hereward wrote: »

Single mum's with four kids can and do have jobs.

Yes, a minority do I'm sure, but considering 1 in 5 households in the UK is workless:

http://www.dwp.gov.uk/newsroom/press-releases/2010/sep-2010/dwp117-10-080910.shtml

And 20% of those in work actually work for the public sector:

http://www.statistics.gov.uk/statbase/product.asp?vlnk=8284

It looks like us private sector workers will be picking up quite a large tab.

spadoosh

Doesnt look that bad really.

And that 120 million a day equates to about 3.5% of our annual GDP.

Look at your own households and work out if you pay more than 3.5% of your wages on interest a year, think most will exceed.

Please bear in mind that is a rough figure based on
GDP £1.35 trillion

120,000,000 * 365 = 43.8 billion

43.8billion
1.35 trillion X 100 = 3.25%

Please feel free to tear my maths apart but i think its correct, get confused with big numbers

spadoosh

and considering most peoples (individuals with mortgage) actual debt is more like 400 - 500% of their personal GDP we shouldnt be shouting at the gov more ourselves really

Hereward

danielanthony wrote: »

Yes, a minority do I'm sure, but considering 1 in 5 households in the UK is workless:

http://www.dwp.gov.uk/newsroom/press-releases/2010/sep-2010/dwp117-10-080910.shtml

And 20% of those in work actually work for the public sector:

http://www.statistics.gov.uk/statbase/product.asp?vlnk=8284

It looks like us private sector workers will be picking up quite a large tab.

I bet a good majority of the expenditure of those households pay indirect taxes (for example, VAT and alcohol duites), so they will be paying their share too.

Isn't part of the arguement against the spending cuts that a large part of the private sector is dependent on public sector contracts. If that spending ceased that there would be a smaller private sector.