£932 billion is the national debt-as of today-of the United Kingdom. We owe £14,819 per every man, women and child and it equates to £32,250 for every person who is currently employed. This year, we will increase the nation debt by £170 billion – taking the grand total to over £1 trillion.
In order to be able to finance and reduce the national debt, reform of the public services and economy are needed. There is no giant money tree. When the state borrows money, it borrows against our savings. You and I are not only associated to the debt, but we are liable for it, too.
Health and education reform are vital to the long term finances of this country, and to the taxpayer. The continuation of the status-quo is a vulnerable path towards generational austerity; a continuous cycle of the same crisis.
Worst policy for the coalition is to keep undermining reform with lightweight legislation. Competition and, yes, private sector capital will be required – the government can no longer afford the cheques. And it is about time we face reality.