Economy - Debt and declining investment
WORKERS, JUNE 2009 ISSUE
National debt is now £754 billion, 53 per cent of GDP, up from 35 per cent just two years ago. This is the highest level since 1975-6. Revenues have fallen by 10 per cent, while government spending has risen by 5.3 per cent.
Business investment fell 6.8 per cent year-on-year in the first quarter. Bank lending fell 0.2 per cent month-on-month in April, the first drop since data began in 1982. So all the billions we have given the bankers have not gone into investment.