BREXIT - A REAL ECONOMIC FACT.

BREXIT – A REAL ECONOMIC FACT.

 

We hear a lot about the economic argument from government departments and independent bodies for the UK remaining a member of the EU.

The reality of the matter is that as a member of the EU the UK’s NATIONAL DEBT is £1.7tn., that is £1,700,000,000,000, over £27,000 for every man, woman and child and over £47,000 for every tax-payer, and it is currently increasing at the rate of £5,170 per second.

This debt has been accumulated by successive governments over the last 20 years, while a member of the EU, with the most significant increase being over the last 10 years, in 2005 it was £0.5tn. and at the end of 2015 it was £1.6tn.

 

The country is paying £48bn. per. year, that is approx 8% of what the government collects in taxes, just to service that debt, paying interest and charges, and that is set to increase to £50bn. per year by the year 2020. No wonder that the bankers and financiers do very nicely out of the UK while it is in this position.

 

The reality is that there is no way that the UK is going to be able to reduce the National Debt, and the amounts that we pay to service it, as a member of the EU. It will continue to increase, as we continue to run a government deficit and a trade deficit, and reach a point where we are unable to service the debt and need a bail out or face bankruptcy.

 

When the Government runs up huge debts we are the ones that have to shoulder the burden. We need to reduce their spending on imports and increase our manufacturing for our own consumption to give ourselves a chance.

 

James Hancock.

 

A Good Common Man.

 

( Because of what happens when “good men do nothing“ Edmund Burke)

  (E) jh.r@btinternet.com 

( Ref: DE62352)

GOING TO HELL IN A HAND CART.

GOING TO HELL IN A HAND CART.

 

I have read that in 2010 the   Prime Minister David Cameron    “ inherited a country on the brink of financial ruin ” and that he and the Chancellor George Osborne have turned things around to make Britain “ one of the worlds fastest growing economies ”. But at what cost ?  Developing their own personal international reputations and securing their places on the gravy train along side Tony Blair, while giving away our independence.

When they came into office the National Debt stood at below £1 trillion  and now it stands at over £1.5 trillion. That is £1,500 billion, the equivalent of £24,500 for everybody in the UK and it costs us £48 billion a year just to service that debt, paying interest and administration costs, which is 8% of the Government’s budget. By the end of this parliament that cost will have risen to £60 billion for the year 2019/20, nearly 10% of that budget, more than we spend on Education and most our Armed Forces combined. While we have a budget deficit and a trade deficit I can not see how we can stop the national debt from increasing let alone start to reduce it. Instead of smoke and mirrors what happened to living within our means and a policy of transparency.

What ever they claim to do to reduce the National Debt it doesn’t appear to even miss a beat as it continues to increase at what I believe to be about £5,000 per second.. In November, in his statement, he told us how well things were going and how he had managed to find £27billion and how it would benefit everybody. Less than two months later he is giving a warning about the risks the country could face economically in the near future if we don’t follow his advice and stick to his policies.

 

James Hancock.

 

A Good Common Man