The BBC are reporting that Government borrowing is "only" £12.4Bn in February. Apparently this "isn't as bad as some have feared".
Just to summarise this new debt being forced on us:
- Every second in February, the Government borrowed £5,126
- Every minute in February, the Government borrowed £307,540
- Every hour in February, the Government borrowed £18,452,381 (yes, over £18 Million)
- Every day in February, the Government borrowed £442,857,143
If the latest UK winner of the Euromillions Lottery decided to give all their money (all £56 million of it), it would account for only three hours of borrowing!
At the bottom of the linked article, the BBC journo states that: "Moody's agency said the UK's top rating was secure."
Actually, what Moody's said was that: “On balance, we believe that the ratings of all large Aaa governments remain well positioned, although their ‘distance-to-downgrade’ has in all cases substantially diminished”
I.e.: The longer Labour are in power and continue to borrow our grandchildren's money, the more likely we're going to find ourselves stuck in a spiral of debt we'll be unable to control.