rich1.0Susie wroteSusie (npub1hw…503sg)https://nostr.now/npub1hwgw0uznr49t4gullpgfz4m5xnakl5a0l88m3k382xv7ys0tfmlsd503sgnjumphttps://nostr.nowBritain’s debt problem just got worse.
Right now:
- 6%+ on 30 year gilts, highest since 1998
By 2027/28:
- £117 billion debt interest
- £96.5 billion new borrowing
Over 5 years:
- £682 billion interest
- £58 billion above OBR’s March forecast
Britain is now forecast to spend more on debt interest than it will borrow that year.
After all of that, Britain still owes nearly £3 trillion.
https://uknationaldebt.com/
The Budget is on 28 October and the choices are brutal:
- Tax more and risk capital leaving
- Borrow more and pay more interest
- Dramatically cut spending*
- Debase the currency (although they won't call it that)
* Even savage spending cuts will barely make a dent.
Source: This is Money / Capital Economics / OBR
https://www.thisismoney.co.uk/money/markets/article-16180359/Alarm-Healey-set-spend-loan-repayments-borrowing-latest-Budget-blow.html
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