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Member since: Thu Jun 9, 2016, 05:09 AM
Number of posts: 164

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The UK national debt


Something is puzzling me. When Gordon Brown narrowly lost the UK election after the 2008 banking crisis, the Tory opposition ran on a fierce criticism of government borrowing. The national debt at that time was around 750 billion. Tory chancellor Osborne continued the incompetence meme against Labour and instituted 'austerity' in government finances. The result of this was an increase in the national debt to around 1.5 trillion at the time of Osborne's departure.

Now, the new Tory chancellor, Hammond, has told the Beeb that he intends to continue borrowing up to a notional limit of 2 trillion.

My question: If 750 billion of debt after a global banking crisis is incompetent, why is 2 trillion of debt after years of 'austerity' in government spending not incompetent?

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