Debt Volcano Explodes!
Debt Volcano Explodes!
A staggering leap in the UK’s national debt means that most of the £Billions extra the government borrows each month is now going just to meet the interest payments.
The Westminster government racked up another £22.9billion borrowing in June alone, with an incredible £19.4 Billion of that being immediately swallowed up to service the debt.
The eye-watering sum means that Britain’s debt volcano is now a terrifying £2.4 Trillion - an eye-watering new record. The same is happening right across the Western world, with Joe Biden asleep on his watch in Washington.
The June borrowing was more than double the same month last year, and a peak since records began in 1997. Large portions of the government's debt stocks are linked to RPI inflation which has been soaring even higher than the headline CPI rate.
The independent OBR watchdog had predicted that interest payments will be £87 Billion this financial year, but the latest figures suggest that even this is an under-estimate.
John O'Connell, chief executive of the TaxPayers' Alliance, said: 'These figures show the cost of servicing the national debt is now in the stratosphere.
'Inflation and out of control public spending threaten to only make matters worse, yet the government seems unwilling or unable to get a grip on the nation's finances.
'Ministers must get serious on spending to tackle the towering debt level and ensure taxpayers are protected.'
The shocking figures give us a glimpse of just how much damage the Westminster elite did to the nation’s finances with their insanely reckless and completely pointless spending spree during the totally unnecessary Covid lockdowns.
Now, of course, they are compounding the damage by pouring apparently limitless amounts of financial and military aid to the thoroughly corrupt regime in Kiev. But even those sums down the drain are dwarfed by the cost of the entire political elite’s ridiculous obsession with ‘climate’ change.
The resulting spiral of debt is now so vicious that it is impossible to see how it can be brought under control. It’s looking increasingly likely that it will all end in a default and the resulting collapse in the government’s ability to keep even basic services going. What’s happening right now in Sri Lanka could well give us a grim preview of what’s heading our way too!
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