Let's be honest, 95% of leave are racist bigots.
Current Affairs EU In or Out
- Thread starter micknick
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The Esk
Player Valuation: £70m
You are attempting to deflect from the fact that Brexit is going to cost the country a fortune.
But seeing as you asked, here's the total Government debt at the end of each year:
1997 -£348 bn
1998 -£358 bn
1999 -£357 bn
2000 -£345 bn
2001 -£316 bn
2002 -£323 bn
2003 -£355 bn
2004 -£394 bn
2005 -£449 bn
2006 -£492 bn
2007 -£529 bn
2008 -£561 bn
2009 -£769 bn
2010 -£1004 bn
2011 -£1149 bn
2012 -£1242 bn
2013 -£1352 bn
2014 -£1459 bn
2015 -£1546 bn
2016 -£1590 bn (f)
So from 1997 to 2010 under Labour, total debt increased by £656 bn (£480 bn of that from 2007 as a result of the banking crisis)
In the 6 years of Conservative Government, despite the most stringent and damaging cuts to public services, debt has increased by £586 bn and counting.
Wow. When you see the figures it's unfathomable how Labour is still labeled the party of big spending. And even more unfathomable how the Tories got reelected.
Pienaar's gloves
Player Valuation: £35m
Mental isn't it. Folk won't look at the evidence under their nose.
Some still believe an entire global financial crisis is their fault.
Barnfred 55
Player Valuation: £80m
You sure you have the correct number of zero's there mate.
The Esk
Player Valuation: £70m
peteblue
Welcome back Wayne
So, after labour's spending spree and spending promises which were now built into the system, debt went up by £145bn, £93bn, £110bn, £107bn, £87bn and £44bn, I'm sure you can see a downward trend here as the mess Brown left behind was dealt with. Also that £122bn doesn't look that big amongst all these numbers does it...........
peteblue
Welcome back Wayne
Its all about the spending that Brown built into the system and it's gradual removal........
N
nuthead
Guest
Where they meant to not bother providing stimulus to the economy in 08/09 and 09/10 and let the whole thing fall down?
Something they did with tory support and that many other economies copied.
peteblue
Welcome back Wayne
It wasn't me that raised the debt in the first place, just putting it into perspective......
N
nuthead
Guest
There was a perfectly acceptable structural deficit before the crash.
It came, it needed stimulus, they stimulated it
neil999
Player Valuation: £80m
well...it is triple of what the debt increased by from 2015 to 2016, so y'know...
Barnfred 55
Player Valuation: £80m
Isn't a big chunk of this debt (around £400bn) due to the governments quantitative easing policy, introduced to stimulate spending and growth and prevent negative inflation, if that's the correct term.? It's not real debt in so far as it is owed to the Bank of England and any interest due is passed straight back to the exchequer.
My understanding is that once the economy recovers and there is no requirement to keep interest rates low, these debts will be gradually erased, and in the meantime it's not actually costing that tax payer anything in interest. So the picture, if I'm correct, is not quite as bad as it looks, as between £2/300bn of the debt increase since Tories came to power is really only a paper debt, effectively to themselves.
Happy to be corrected Esk if I'm wrong. I know you have a good understanding of these things.
Which is quite scary when you think total government spending is ~ £750bn, so the government was spending roughly 13% more than it earned during that six year period, which was a time of apparent austerity and huge budget cuts.
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