Broken Britain? Wat does it mean?
The Sun’s Saturday article of a week or so ago, by Matt Goodwin pointed to some stark details of what he called his verdict of ‘Broken Britain’. So, obviously I am not on my own as I have been saying this now for a few years, on and off. In fact the cost of the national debt interest is even higher than I thought! Some £9billion a month interest? We may ask why do governments borrow so much? The rules of borrowing go for everyone. People, businesses and governments. You must keep an eye on borrowing as it can easily get out of hand. In the case of governments they just issue bonds. When the UK Government needs to borrow money, it can issue a bond, gilts as they are known. This is a way of requesting a loan from investors via the financial markets. In buying a bond, investors are lending the government money. By all accounts this debt stood at the end of March 2023, at £2,537.0 billion, or 100.5% of GDP ie £2.5trillion. The annual bill therefore is about £100billion! So, again why bo...