New Debt In £ Live:
UK Debt in £:
Britain`s National Debt
Some countries owe their entire growth to the realtively small islands
in the northeast of the European mainland. Today, Great Britain is heir
to the Commonwealth of Nations and heir to a national debt that
began its increase at the time of William III.
What happened at that time? He basically set the cornerstone for what
was to become the Bank of England and this famous institution would
finance the Imperial conquest in the following centuries.
Having its say in a large part of the world, as far away as North
America and South Africa, however, does cost quite a bit. Conquest
and war are the two biggest enemies for a healthy budget and so it
was during the Nine Year's War, the War of the Spanish Succession,
the Napoleonic Wars as well as the two World Wars that the national
debt of one of the worlds richest countries skyrocketed.
By 1976 the situation was so dire that then Prime Minister James
Callaghan had to ask for a rescue package of £2.3 billion from the
International Monetary Fund. That debt, however, was also based on a
Sterling crisis as well as slow recovery from World War II, when the
national debt had reached 180 percent of the GDP – it's highest to
date.
By 2011, the British national debt amounted to £940 billion, with most
of the money, 35 percent in total, being owed to other governments
and investors. On this debt interest alone cost more than £42.9 billion
annually. By 2012 the national debt amounted to £1,278.2 billion.
Currently, Great Britain's debt clock keeps ticking and adding more
and more numbers to an already high amount. Every second Great
Britain increases its debt by £5190 and every day by £448.500,000 as
can be seen on the debt clock. Over the course of a year that implies
a new £163 billion that the government owes to other people,
governments and institutions, marking a solid £1,471 billion on the
national debt clock above.
Interestingly, the Bank of England still contributes its fair share to the
debt – a rocking £42.4 billion, which is more than the national defense
budget. Network Rail also contributes £33 billion to the total amount,
which is the same amount the entire country of Uruguay can show for
its GDP. Great Britain struggles to remain as great as it once was with
so high a debt burden on its shoulders.
Debt Per Person in £:
NATIONAL DEBT OF UK
And Higher And Higher...