{"id":4511,"date":"2022-07-17T04:18:00","date_gmt":"2022-07-17T04:18:00","guid":{"rendered":"https:\/\/www.asadkarim.co.uk\/?p=4511"},"modified":"2022-07-11T09:21:30","modified_gmt":"2022-07-11T09:21:30","slug":"uk-national-debt-5","status":"publish","type":"post","link":"https:\/\/www.asadkarim.co.uk\/?p=4511","title":{"rendered":"UK National Debt"},"content":{"rendered":"\n<p>There is a lot of talk in the UK of tax cuts, being proposed by the majority of candidates trying to becoming PM.<\/p>\n\n\n\n<p>However the UK national debt is huge. Cutting taxes when the debt is so huge seems odd if not reckless.<\/p>\n\n\n\n<p>UK general government gross debt was \u00a32,382.8 billion at the end of 2021, equivalent to 102.8% of gross domestic product (GDP)<\/p>\n\n\n\n<p><a href=\"https:\/\/www.ons.gov.uk\/economy\/governmentpublicsectorandtaxes\/publicspending\/bulletins\/ukgovernmentdebtanddeficitforeurostatmaast\/december2021#government-debt\">https:\/\/www.ons.gov.uk\/economy\/governmentpublicsectorandtaxes\/publicspending\/bulletins\/ukgovernmentdebtanddeficitforeurostatmaast\/december2021#government-debt<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/UKNationaDebt.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"554\" src=\"https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/UKNationaDebt-1024x554.png\" alt=\"\" class=\"wp-image-4512\" srcset=\"https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/UKNationaDebt-1024x554.png 1024w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/UKNationaDebt-300x162.png 300w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/UKNationaDebt-768x416.png 768w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/UKNationaDebt-624x338.png 624w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/UKNationaDebt.png 1197w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Courtesy of the UK Office for National Statistics<\/figcaption><\/figure>\n\n\n\n<p>The reason for the huge debt is that the UK government runs at a deficit, in other words it spends more than it earns in taxation.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/deficit.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"523\" src=\"https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/deficit-1024x523.png\" alt=\"\" class=\"wp-image-4513\" srcset=\"https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/deficit-1024x523.png 1024w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/deficit-300x153.png 300w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/deficit-768x392.png 768w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/deficit-624x319.png 624w, https:\/\/www.asadkarim.co.uk\/wp-content\/uploads\/2022\/07\/deficit.png 1269w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption><em>Courtesy of the UK Office for National Statistics<\/em><\/figcaption><\/figure>\n\n\n\n<p>The debt is unstainable.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.bbc.co.uk\/news\/business-62079052\">https:\/\/www.bbc.co.uk\/news\/business-62079052<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is a lot of talk in the UK of tax cuts, being proposed by the majority of candidates trying to becoming PM. However the UK national debt is huge. Cutting taxes when the debt is so huge seems odd if not reckless. UK general government gross debt was \u00a32,382.8 billion at the end of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4511","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/4511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4511"}],"version-history":[{"count":1,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/4511\/revisions"}],"predecessor-version":[{"id":4514,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/4511\/revisions\/4514"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}