It's always dangerous when someone starts with "I'm no expert, but..."
...but, it certainly does seem to be just a cover
for politically motivated draconian cuts.
Take a look at the historical evidence:
I've taken the figures from http://www.ukpublicspending.co.uk
and re-drawn the above chart (+/- 2% GDP)
UK national debt as a percentage of GDP was approx 70% higher for the three decades between 1950 and 1980.
Although there has been a sharp rise in debt over the last 5 years, as a percentage of GDP it's still well below the modern average.
Although there has been a sharp rise in debt over the last 5 years, as a percentage of GDP it's still well below the modern average.
The huge drop in the 1980's fuelled/reflects the boom and bust(s).
The 1940's and 50's high percentage is of course the war debt.
The 1940's and 50's high percentage is of course the war debt.
Tell me I'm wrong!
Use the "comment" below and I will post your replies.
by David White.
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