One must question if each country in the world is trying to outspend the other. Just when we thought the pound was about as valuable as it could be the UK debt has reached 3,617 billion pounds. If each family paid their fair share they would need to provide £226,807 pounds. Like other countries it seems that the UK debt is a result of a national debt being ignored.
The UK debt is 240 per cent of the gross domestic product. This is the accumulated UK debt resulting from the financial crisis which broke in 2008. The UK debt is basically the equivalent of each home mortgage a family is faced with paying. However, there is good news, if you can call it that. The Office for National Statistics insists the national debt is much lower at 2,252 billion pounds and only 149.1 per cent of the GDP. The office says this is the UK debt as of the end of this last February. Unfortunately, their news is not all roses as their figure has been questioned by the Institute for Fiscal Studies. This is an independent micro-economic research institute. They say the ONS has looked at the UK debt in their own way and that it is unhelpful.
On what might be considered a more alarming number of statistics is the fact that 103 properties were repossessed every day during the second quarter of 2010. On the same note there were 34,743 insolvencies during the same period. This equates to 381 insolvencies per day, or, to be more precise, one in every 3.78 minutes. This is a five per cent increase over the same period from a year ago. The authorities that be explain there are many reasons bringing on these gloomy statistics. The more important ones include bereavement, redundancy, the breakdown in relationships, ill health, and gambling.
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