9-11-10 |
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In relation to the national income, debt is now at historically high levels. Total UK debt – public and private – was 540 per cent of GDP at the end of 2009, up from 200 per cent of GDP in 1987, and is projected to reach a total of £10,000,000,000,000 (TEN THOUSAND BILLION) by 2015. By that time the national income will still be less than £2,000bn.
The interest on the public national debt will be £63bn a year by 2014, according to the Treasury. |