purdy Posted January 15, 2012 Share Posted January 15, 2012 didnt the last labourgov inherit the debt from the tories ? Government debt in 1997 was around £400 billion. Labour managed to increase that to over £1000 billion but to make matters worse they also handed back spending commitments of £175 billion per year more than the country raised in tax revenues. Link to comment Share on other sites More sharing options...
junction1 Posted January 16, 2012 Share Posted January 16, 2012 Government debt in 1997 was around £400 billion. Labour managed to increase that to over £1000 billion but to make matters worse they also handed back spending commitments of £175 billion per year more than the country raised in tax revenues. Don't be daft, it was Margaret Thatcher's fault. Link to comment Share on other sites More sharing options...
GodStar Posted January 16, 2012 Share Posted January 16, 2012 I'm surprised France didnt lose it earlier. Apart from Paris and a couple of other industrial cities, theyre all living like The Good Life off their small holdings. They have a huge country to maintain and very little proper industry to pay for it. Only the UK & Germany should realistically keep AAA rating. Any others (in Europe) who have it only do so because of politics not logic. Link to comment Share on other sites More sharing options...
ricgem2002 Posted January 16, 2012 Share Posted January 16, 2012 Government debt in 1997 was around £400 billion. Labour managed to increase that to over £1000 billion but to make matters worse they also handed back spending commitments of £175 billion per year more than the country raised in tax revenues. so i was right then labour inherited a £400 million debt. maybe this gov will tax the high earners(tesco/vodaphone etc)to bring the debt down then ? Link to comment Share on other sites More sharing options...
I1L2T3 Posted January 16, 2012 Share Posted January 16, 2012 Government debt in 1997 was around £400 billion. Labour managed to increase that to over £1000 billion but to make matters worse they also handed back spending commitments of £175 billion per year more than the country raised in tax revenues. What caused the debt to increase so dramatically? Link to comment Share on other sites More sharing options...
Mecky Posted January 16, 2012 Share Posted January 16, 2012 What caused the debt to increase so dramatically? The same as always, the Tories run the entire economy and country into the ground so that it can't function, which is the reason why they always get voted out by landslides and then Labour have to pick up the pieces by spending heavily. I think it's only a matter of time before the UK loses hits AAA rating, especially now we're back in recession. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted January 16, 2012 Share Posted January 16, 2012 But always spending the money of others (= unwilling taxpayers). Link to comment Share on other sites More sharing options...
I1L2T3 Posted January 16, 2012 Share Posted January 16, 2012 But always spending the money of others (= unwilling taxpayers). Or put another way, a democratically elected government spending legally collected tax revenues. Basically doing a job they were elected to do. Anyway, the Tories are spending your taxes now. Are you only unhappy when it isn't the Tories spending your taxes? Link to comment Share on other sites More sharing options...
purdy Posted January 16, 2012 Share Posted January 16, 2012 What caused the debt to increase so dramatically? Taking on 1000,000 extra people in the public sector and paying then more probably accounts for a lot of it. Link to comment Share on other sites More sharing options...
I1L2T3 Posted January 16, 2012 Share Posted January 16, 2012 Taking on 1000,000 extra people in the public sector and paying then more probably accounts for a lot of it. I make the cost of employing 100,000 public sector staff on short-term and fixed-term contracts for two years to be in the region of £5-10bn. What about the other £590bn increase in debt? What caused it? Link to comment Share on other sites More sharing options...
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