Published on Mirror.co.uk, by James Lyons, 19/09/2009.
Fighting the credit crunch this year has left Britain more than £1,000 in debt for every person in the country. The massive cost of Gordon Brown’s plans to spend our way out of the recession was revealed in grim official figures out yesterday. The increase in borrowing took total Government debt, including all liabilities to £804.8billion. The staggering sum is over half the annual output of the entire UK …
… Economists predicted Chancellor Alistair Darling would still rack up even bigger debts this year than the £175billion he predicted. Jonathan Loynes, of forecasters Capital Economics, claimed the total could hit £220billion. The yawning blackhole has been caused by a collapse in income. Struggling businesses are paying less tax and the Government spent £900million extra on benefits last month as dole queues grew.
What you could buy with £805bn…
- 1. Could pay for a team of NASA astronauts to fly to Mars and back five and a half times. (Manned trip to Mars estimated to cost £144bn),
- 2. Is more than the equivalent worth of 53 Man City owners (Sheikh Mansour bin Zayed Al Nahyan is worth around £15bn),
- 3. Is more than twice the US military budget (US military budget £399bn),
- 4. Could almost pay for the total gross domestic product of Canada at £836bn,
- 5. Could pay for Royal Family for the next 20,120 years (Cost to taxpayer £40m a year).