National debt: what you need to know
The national debt clock is ticking fast. The UK already owes more than £840 billion to investors in Britain and abroad. The Government says our debt will hit £941 billion by April 2010 and £1.1 trillion just one year later. Yes, that really is £1,100,000,000,000.
To pay this year's £27.2 billion interest bill, every household will stump up more than £1,200 in tax. Next year that bill will rocket to £42.9 billion and your family will pay even more. The UK's debt statistics have become so astronomical that it's hard to make sense of the issue.
But in this economic climate it's never been more important to understand how politicians spend our money and why they're running up huge debts on our behalf. This unprecedented level of public debt in peacetime has huge implications for Britain's economy and our future. Hopefully this site can begin to answer your questions.
Q: Why is Britain in so much debt?
Q: Who do we borrow all this money from?
Q: How is national debt measured?
Q: What are we spending the money on?
Q: Does it matter how government spends the money?
Q: How will national debt affect our future?
Q: Is the problem getting better or worse?
Q: What can we do to prevent a debt crisis?
Q: Has Britain always been in so much debt?
Q: Is it right for us to borrow and spend like this?
Q: Are we really printing money?
Q: Can I embed the debt counter on my site or blog?
Q: How is the debt clock calculated?
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