Wednesday 22 July 2009

UK government debt: almost 9p of each £1 in tax will be needed to pay the interest

Telegraph
"The National Institute of Economic and Social Research said that costs of servicing government debt will rise from £25.6bn this fiscal year to £50.7bn in 2013/14, due to a combination of higher interest rates and a far greater debt burden. The warning underlines the cost facing taxpayers as the Government debt rises at the fastest rate in peacetime history."

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