Britain spends £ 1 billion a week on debt payments

Britain spends £ 1 billion a week on debt payments

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Britain wovow.org 00
Britain wovow.org 00

Amount of debt the UK is growing faster than official forecasts . The cost of debt service for the first time in 2014 will reach 1 billion pounds a week.

UK National Statistics Office (Office for National Statistics, ONS) published a report on the state of public finances of the country in April 2014

According to the report , the amount of the national debt in April rose by 11.5 billion pounds . While analysts expected an increase of 8.4 billion pounds.

In general, compared to April 2013 the national debt has increased by 88 billion pounds, or 7.5% , and reached the level of 1.27 trillion pounds. At the current rate of public debt is 75.6 % of the annual GDP of Great Britain .

Experts predict that the UK Office of Budget Responsibility (The Office for Budget Responsibility, OBR), in 2014 the cost of servicing debts of the country was 52.1 billion pounds , or 1 billion pounds a week.

ED Roddis , ANALYST DELOITTE

” Left an figures show that the national debt rose by 88 billion pounds compared with April last year – almost five times more than the UK spends on crime . This year, interest payments on debt will exceed $ 1 billion pounds a week. These data have to consider political parties that continue to prepare for parliamentary elections in 2015 They have to take into account the growing pressure on public finances in the UK distributing electoral promises . “

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