Ross Campbell, Director for the Public Sector for ICAEW, writes:
“Here is the latest Chart of the Week from the ICAEW.
This week’s chart shows that public debt has tripled over the last decade.
While economic growth has been at historically low levels over the last decade, reducing tax receipts, government borrowing has rocketed in order to keep paying for public services and social welfare.
With the average life of borrowing now out to 18 years, as long as the government is still able to borrow, we won’t have to settle our debts anytime soon but we do have to pay the interest on all of this debt. Let’s hope interest rates stay low!”
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