Scale of public borrowing
January 2010
The UK borrowed £11.4bn in October to take the total for this financial year to £87bn...
...more than the total for all of 2008/9. Borrowings over the past 12 months have amounted to £138bn, more as a percentage of GDP than any other developed nation. History suggests that imbalances such as this can only be corrected successfully with spending cuts on a massive scale with a breadth which intrudes substantially into the day-to-day life of the community. Data such as this brings home the enormity of the challenge which lies ahead as charities face continued pressure on income but substantial and growing call for support.
Author: John Kelly
John Kelly is head of client investment at CCLA.
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