Here we are in P12. Period 12 of the current tax year. HM Government has spent more money that it has earned and thus has had to borrow on the Bond Market to fund its operations.

The current forecast is that HM Government has had to borrow £69,500 Million.

Thus overspending by £69.5 Billion.

It has been like this since about 2000, so for 16 yearsH HM Government has been spending more than it earns, that is why the total national debt is so massive.

Total debt is about:

£1,542,600 Million = £1,542.6 Billion = £1.5426 TRILLION

[http://webarchive.nationalarchives.gov.uk/20160105160709/http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/december-2015/stb.html]

The levels of debt are punishing. Interest payments have to be made to the creditors.

UK Population is about 64 million

Thus in 2015-16 the UK had to borrow £69,500 Million that means for the total UK population, the UK Government borrowed £1,085 for every person in the UK.

The Total Debt the UK carries is £1,542,600 Million thus for the 64 Million UK residents, each UKcitizen is carrying an incredible £24,103.

Clearly we are in it together.