UK National debt explodes under the Tories – up 30% since they came to office, now stands at £1004tn

The UK passed a rather ignominious milestone today. The government funded Office for National Statistics announced that the UK debt topped £1tn (with a ‘T’) for this first time ever in its history. £1003.9tn to be precise.

Read the full report here.

But that isn’t the astonishing data point in today’s release. The really mind blowing bit is just how much of that debt was added under the Tory/Lib-Dem coalition government – you know, those austere spend-thrifts who’s main aim was to get a handle on the UK debt.

Let’s take a look at the last report for the pervious full month before Cameron was elected on May 6th 2010.

From the May 21st 2010 report covering April 2010:

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So the month before Cameron and ‘fauxstere’ Chancellor Osbourne took office the nation debt of the UK stood at £772bn.

20 months later, lets take a look at today’s report covering December 2011:

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The national debt now stands at £1004tn - that is an increase in the national debt of the UK of 30% in 20 months. All done to you by the party that was meant to bring ‘soundness’ to the UK finances.

But what is even more remarkable about this hiking of the National Debt by over 30% in 20 months is when you compare this to amount of debt that Labour added to the National Debt in their last 20 months in office.

From the October 19th 2009 report covering September 2009:

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That’s right, in September 2009 the national debt stood at £682bn – 20 months later this had increased by £90bn to £772bn. That’s ‘only’ an increase of 13%. In other words the Tory government have been adding to the National Debt at a rate over twice as fast as the Labour government.

And here is it in a pretty chart:

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So there you have it folks, case closed in wondering if this current administration was at all serious about ‘austerity’ and getting the debt ‘in order’.  They are not. As the numbers prove this government had added to the national debt at a speed that even the pervious ‘spend-junkies’ would blush at.

But now for the real punch line to the rather un-funny joke that is the UK’s finances. You may have noticed that all the above figures are ‘excluding financial interventions’. Or in other words completely meaningless when trying to assess the UK’s debt position.

When you include financial interventions the real level of the UK debt is £2.33tn

Again from today’s report:

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Related posts:

1. UK National debt and the price of gold – 4 year price target should be £4750-5000
2. IMF calls for bank guarantees to be included in the national debt
3. UK Debt reaches new record
4. UK Government Borrows £17.4bn last month – Debt to GDP now 151.4%
5. Bloomberg show that money is debt: Gold vrs the ‘debt target’

Link to this article: : http://www.goldmadesimplenews.com/gold/uk-national-debt-explodes-under-the-tories-up-30-since-they-came-to-office-now-stands-at-1004tn-6047/

Posted by Thomas Paterson on Jan 24 2012. Filed under Analysis, Gold News, Markets. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.