• May 2020
    M T W T F S S
  • Enter your email address to follow this blog and receive notifications of new posts by email.

    Join 286 other followers

  • Archives

  • Categories

  • Recent Posts

  • Reviewers’ Comments

    "Great read every day. Makes me smile as Rab muses about music and his irreverent views on the EU. Tune in, you won't be disappointed."

    "Excellent 'Blog' which can be controversial at times, while maintaining it's humour. Keep it up Big Rab!"

    "Updated every day with doses of good humour, political satire, a running commentary on the progress of author's home football team and his life."

    "Pure brilliant, so it is - I never miss it, though God knows, I've tried."

    "An inspiration to start my own blog"

    "For dipping into it's better than pakora sauce"

    "Anyone who doesn't like the EU and has a soft spot for Albion Rovers can't be all bad"

    "Facile and False"

    "Populist,puerile and prosaic"

    "Utter pish! Keep it up, I love it!"

    "People may also find the Ben Lomond Free Press blog illuminating, interesting and/or amusing. It’s not mentalist as such but familiar themes emerge. I particularly like accounts of encounters with strange elementals (of course! ELEmentals!) from elfin safety. And the fact that the blog is run by someone who plays in a blues band called Harmonica Lewinsky."

  • Hit Me!

    • 1,373,215 hits since January 2008
  • Top Rated

Another day older and deeper in debt.

The UK debt now stands at over £1 trillion. That’s £17,297 for every man, woman and child in the country.

That’s £38,024 for every person in employment.

The interest on this debt is more than £40 billion per year.

This year every household will pay £1,924 in taxes just to pay that interest.

Debt is nudging 80% of GDP, around 25% higher than it was five years ago.

This isn’t a new thing as the debt at the end of the Napoleonic wars at the beginning of the 19th century was 200% of GDP. It was similarly high after the First World War.

Some of the money borrowed from the USA at the time of WW1 has never been repaid or officially written off.

The final installment of debt payable to the USA for money borrowed during WW2 was paid in 2006.

When the UK was forced to go cap in hand for a bail out to the IMF in 1976, the proportion of debt to GDP was around 65%

Here is a rough sketch of where your money as a UK taxpayer (and if you live here, that’s everyone who buys anything) goes.  Interesting that ‘England’ doesn’t get a cost mind you!

uk debt

You know, I think there might just be another financial crisis looming. One which will make 2008 look like a Sunday School picnic.