Taxi Driver Online

As of December 2012 the UK public debt was £1.111 Trillion.

The repayments on that are about £47 Billion a year.

As many on here are saying you can't tax that, or you can't change that, I would be interested to know how that £1.111 Trillion debt can be paid.

Or are we all happy for every person, man women baby Toots, to pay £723 a years, every year, just to keep the repayments on the interest only?

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IDFIMH

According to some on here, the answer is to spend more.

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

Who do they owe it to?

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

And your answer is Gramps

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All posts by this contributor are made in a strictly personal capacity

I AM PROUD TO BE A CITIZEN NOBODY'S SUBJECT http://www.republic.org.u

F88K EM ALL WHAT GOES AROUND COMES AROUND

BOOZE BOOZE BOOZE

We wouldn't be in this position if they didn't give it all to a bunch of bankers.

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

A lot of it is raised through National savings bonds government bonds premium bonds etc the rest is bank loans

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Taxis Are Public Transport too

Join the campaign to get April fools jokes banned for 364 days a year !

http://www.debtbombshell.com/bond-market.htm

The role of the bond market

The British Government borrows money by selling bonds, known as 'gilts'. These bonds are sold at regular auctions held by the UK Debt Management Office (DMO), on behalf of Her Majesty's Treasury. The term gilt is short for 'gilt-edged security' and is a reference to their perceived safety as an investment. The Government has never failed to make a repayment on a gilt.

When a gilt is sold, the Government guarantees to pay the holder a fixed interest payment every six months until the maturity date, at which point the full value of the bond is repaid. The proceeds from a gilt sale are then spent by the Government and the value of the gilt is added to our national debt.

On average, the bonds that make up our national debt need to be repaid within 15 years. With government spending so far out of control, interest on the national debt will cost over £42 billion this year. Currently we can only afford to make repayments by selling even more gilts. When run on this basis, government deficit financing is similar to an illegal Ponzi scheme.

Who we owe the money to

The DMO publishes a quarterly report that shows who currently owns the UK's debt, summarized in the pie chart below:



Holders of UK gilts

Although the majority of gilts are held by British institutions, it's worth noting that the amounts held overseas has risen sharply since 2003. Currently just over 35% of our national debt is owed to foreign governments and investors. So it's not just Third World nations in hock to the rest of the world. We're relying on the confidence of foreign investors to keep our own country afloat.

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

Public spending in the UK today

In 2009-10 the Government spent £671.4 billion of our money, despite tax revenues of only £496.1 billion. That's the problem, right there. Under current spending plans, the national debt will top 79% of GDP by 2014. The last time we borrowed this much money the freedom of the entire world was at stake in World War Two. What on earth are we spending it on today? Here's the answer, in billions of pounds:

1. (£ billions).........................2009-10.....2010-11
   
2. Benefits and Pensions...............195.5 ..... 202.6
3. Health...................................99.9 ..... 104
4. Education...............................66.4 ..... .69.2
5. Debt interest.......................... 27.2 .......42.9
6. Defence.................................38.7....... 36.7
7. Local government .....................30.1 ......30.8
8. Scotland ................................25.4 .......26.1
9. Law and Order .........................19.6 .......19.6
10. Wales ................................... 13.6 .......14
11. Northern Ireland .......................9.6 ..........9.9
12. EU contributions .......................5.6 .........7.9
13. Transport ............................... 6.4 .........6.4
14. International aid ...................... 5.5 ..........6.2
15. Other departments .................. 127.9 .....125.4
16. Total government spending .........671.4 .....701.7

The public finances are dominated by the welfare state, which will cost the UK some £202.6 billion to maintain this year. The welfare budget includes pensions and tax credits, plus unemployment, sickness, housing, council tax, child support and other benefits. In 2010-11, interest payments on the national debt will be the fourth biggest line in the budget, reaching £42.9 billion.

When in opposition, Gordon Brown used to call escalating social security and debt interest payments the costs of failure. In his own terms, we're now failing on a scale never seen before.

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

I can see £50 billion of savings straight away. Tell Scotland, Northern Ireland, the EU and International aid to f**k off. Job done.

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

The second biggest spender is "other departments" £125 BILLION, and that's like, Petty Cash?

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Former taxi driver

And I thought you were quite astute when it comes to money. You disappoint me.

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

BTW, there seems to be one glaring omission from these figures.

How much is tax avoidance costing?

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

Not sending arms and equipment to Syria would save a few quid - getting troops out of foreign wars would save a few more quid - hindsight maybe suggests spending £320million on Libya was a bit of a waste of dosh too.

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

Not replacing Trident would save many billions.

Abolishing the House of Lords would save a few quid too.
They could turn it into a dormitory for those worthless troughers in the commons, saving the nation a fortune in second home allowances.

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

Tax avoidance is still legal.

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5