Economists have raised concerns after public sector borrowing in August far exceeded expectations due to slower tax receipts and higher spending. Office of National Statistics data shows net borrowing, excluding state owned banks, rose by £2.4 billion in the month to £6.8 billion. This was well above expectations . The first year on year increase is a worrying sign.
The national debt now stands at an eye watering £1.78 trillion. The annual cost of servicing the debt is £39.4 billion or £108 million a day!! Public and private debt remain a ticking time bomb. We have to start living within our means.
UKIP would take an axe to quangos and a number of government departments, scrap HS2 and cut back on foreign aid. In addition, with the money saved from leaving the EU, a sizeable contribution to balancing the nation’s books could be made.