The UK - On The Precipice Of Economic Ruin


March 2013

The coalition took office in 2010 with the stated objective of eliminating the current structural deficit by the end of the parliamentary term, and stemming the increase in public debt as a proportion of GDP. At the end of the second quarter of 2010, shortly after the coalition government took office on 18 May that year, the public sector net debt was estimated to be £811.3 billion, representing 55.3% of GDP. In the ensuing 30 months the national debt has rocketed by £330.1 billion to £1.11 trillion, being 70.7% of GDP.

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