When the country’s sovereign debt was first released by the Government earlier this month, the British public was understandably sceptical of the figures.
They pointed to an increase in debt of almost £5 trillion, with the Treasury’s official figure showing that the government had borrowed £1.8 trillion in the last year.
But according to a new report from the Resolution Foundation, that is a lie.
In fact, the UK’s gross domestic product has been rising at a rate of 0.2 per cent over the last six months, meaning that the country is in fact paying off debt at a much slower rate than it has been for years.
The figure, released on Friday, also reveals that the UK has been spending less money than in the years before the financial crisis, and the latest figures reveal that spending on social security is currently less than half what it was before the crisis.
So the UK is now borrowing more money than it did in the early years of the financial crash, which meant that it could have used its economic strength to spend more money on public services.
Instead, it is borrowing less than it ever has.
According to the report, borrowing by the country has now fallen to just £1,400 per head, down from £2,600, a figure that has not changed in five years.
The Government has also been borrowing less on an annual basis than it used to, falling from £1bn in 2009 to £935m in 2014.
This was partly due to the financialisation of the economy, with companies paying higher taxes in order to reduce their debts, the report states.
However, the biggest factor behind the falling debt was the reduction in borrowing by households.
While the government has increased its borrowing by £9.5bn in 2017-18, the number of people who are still paying back loans is still far below the peak of the Great Recession of 2008.
For the first time in the UK, the public’s total debt has fallen below 200 per cent of disposable income.
With this new figures, the Government now has to prove that it is keeping its promises to the public.
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