13 MAY 2011
By Toby Young | Telegraph Blogs
Can I urge all those concerned about the financial mess Britain was left in by the last Government to attend the Rally Against Debt tomorrow at the Old Palace Yard in Westminster? It kicks off at 11am and speakers include Nigel Farage MEP, Guido Fawkes, Bill Cash MP, Martin Durkin, Matthew Sinclair and Priti Patel MP.
Estimates of the size of the national debt vary, depending on who’s doing the counting. According to the Taxpayers’ Alliance, it comes to £7.9 trillion if you include unfunded public sector pensions, but even the Office for National Statistics says that general government debt was £1,105.8 billion at the end of 2010. So that’s 76.1% of GDP even on the most conservative estimate. The cost of servicing the debt in 2010-11 was £43 billion, the size of the defence budget. This is projected to rise to £73.8 billion in 2014-15, roughly the equivalent of the education budget.
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