Monday, August 23, 2010

Britain's debt in July - £3.68 trillion to £4.84 trillion

Over many years this blog has tried to unearth an estimate of Britain's total debts including pension liabilities, private finance initiatives and the recent huge amounts of money thrown at the still failing banks. At last, from this July the Office of National Statistics is to start publishing such estimates, read details from the Daily Telegraph, linked here. A quote: The ONS has already begun to assemble the data, publishing the full list of Britain's debts and liabilities for the first time in July, which came to a total of between £3.68 trillion and £4.84 trillion. Two questions now arise, the first is to define the trillion unit being used. It appears to have become the recent custom to use the US definition of a billion (namely one followed by nine noughts, rather than the previous British, French and German norm of one followed by twelve noughts). Can we now assume that the trillion being used by the OSN is similalry the US trillion giving our debt as one followed by twelve noughts as follows: £3,680,000,000,000 to £4,840,000,000,000 or is it the larger number implied by the usul British definition giving the even larger and even more unpayable, one followed by eighteen noughts/ £3,680,000,000,000,000,000 to £4,840,000,000,000,000,000 In any event the figures in full, contrived by politicians who have also sold off our sovereignty, utilities and independence, apparently for nought, must bring home to the British public the far-reaching corruption and decadence of our entire political class!



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