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Rally Against Debt, Saturday 14th May 11am-2pm, Old Palace Yard, Westminster

 
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05/14/2011 05:29 AM
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Rally Against Debt, Saturday 14th May 11am-2pm, Old Palace Yard, Westminster
[link to rallyagainstdebt.org]


The Cuts

• Cash spending will actually rise from £694.4bn to £763.8bn between 2010/11 and 2014/15 1
• In real terms this is a cut of less than 4 per cent, returning to the 2006/07 spending level 2
• Since some budgets will increase and others are protected, the real cuts to non-protected
departments will average 18-23% 3

The Debt

• The Government borrowed in excess of 2-3% of GDP in every year since 2002, when the
economy was booming, meaning Britain entered the economic downturn with already high
borrowing
• The National Debt will peak at almost 71% of GDP in 2013/14 before falling slightly. This is
double the level in 2003 4
• Over this parliament the national debt will increase by over £500bn, or £19,000 for every
household in Britain5
• Debt interest payments are set to rise from £30.9bn in 2009/10 to £66.8bn in 2015/16. This is
more than the Education budget alone, or the Defence, Transport, Home Office and Justice
budgets combined 6
• The OBR already forecasts an increase in average gilt yields from 3.8% to 5.1%. Given market
uncertainty the interest bill could rise further, especially if borrowing remains higher than
anticipated due to sluggish growth. Each 1% adds £6bn to debt interest by 2015/16 7
• In the 9 months between Budget June 2010 and March 2011 total borrowing over the parliament
was revised up by £44.5bn, highlighting the downside risks that persist

The Deficit

• The UK has the highest budget deficit (annual borrowing) in the G20 group of major countries 8
• The Government borrowed 11.1% of GDP in 2009/10 and 9.9% last year. We will borrow 7.9%
this year, and we will still be borrowing 2.5% in 2014/15.
• The structural deficit (cyclically adjusted public sector net borrowing) - the gap between spending
and tax revenue that would still exist if the economy recovered - was 8.9% in 2009/10, reducing
to 5.3% this year and still 0.5% in 2015/16 when the fiscal adjustment is complete 9

1 [link to cdn.hm-treasury.gov.uk] P93, Table C.4
2 [link to fullfact.org]
3 [link to www.ifs.org.uk]
4 Office for National Statistics, Public Sector Balances, Net Debt
5 [link to www.iea.org.uk]
6 Departmental Expenditure Limits (Resource DEL + Capital DEL 2014/15), Budget 2011
7 Budget 2011, OBR Economic & Fiscal Forecast March 2011
8 [link to www.bbc.co.uk]
9 [link to cdn.hm-treasury.gov.uk] P95, Table C.7: OBR forecast of fiscal aggregates

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