The UK budget, in figures we can all understand.

News agencies have a bad habit of writing long complex articles about the size of the budget deficit, the economy and the problems the UK government faces. They throw gdp statistics about, drop in complex indices and self-important charts and tables. Here at the LIbertarian Press, we have decided to provide something  a little less, complicated.

The UK budget, in terms no one can appreciate:

  • UK government tax revenue: £589,000,000,000
  • UK government budget: £711,000,000,000
  • New debt:  £121,000,000,000
  • National debt: £1,278,000,000,000
  • Recent budget cut: £11,000,000,000

Now, remove 7 zeroes and pretend it’s a household budget, like any  family in the UK might face:

  • Annual family income: £58,900
  • Money the family spent: £71,100
  • New debt on the credit card: £12,100
  • Outstanding debt on the credit card: £127,800
  • Total budget cuts the coalition are proud of: £1100

I shall pose only one question. How long could a family sustain such a deleterious spending strategy? Not long I would imagine.

Edmund Greaves is co-editor of The Libertarian Press. He also writes travel articles at the www.curiousenglishman.com

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sources:
http://en.wikipedia.org/wiki/United_Kingdom_national_debt
http://en.wikipedia.org/wiki/2011_United_Kingdom_budget
http://www.thisismoney.co.uk/money/news/article-2134343/Osborne-relief-UK-deficit-beats-target–higher-March-borrowing-points-tougher-times-ahead.html

Trackbacks

  1. […] 5. The UK is worryingly high on the list. The current “government” (I use the term generously) tells the UK public that our economy isn’t as bad as the Eurozone. Somehow, however, our debt is astronomically higher than everyone else’s in the EU (apart from Ireland). Meanwhile, Mr Osborne is making a pretty poor job of reducing the structural deficit (read my piece, The UK Budget in figures we can all understand). […]

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