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Every Worker Taxed A Week's Wages Each Year Just Pay The Interest On Britain's National Debt

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http://www.dailymail.co.uk/news/article-2520733/Every-worker-taxed-weeks-wages-year-just-pay-Britains-national-debt.html

People in the UK spend a week working just to pay the interest on the national debt, new figures reveal.

Despite a return to economic growth, Britain’s debt mountain continues to grow with interest alone to rise by 50 per cent in just four years.

The UK government owes a total of £1.2trillion, and paying the interest is expected to cost £72.5billion by 2017.18.

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Just think what will happen when interest rates go up, workers will get to contribute even more of their pay packet.

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There's some inane drivel in the Daily Hate.

1. Government pays interest on the national debt, not 'workers'.

2. National debt is rising, not falling thus it's axiomatic that 'workers' cannot be paying for it via tax or in any other way.

3. The recipients of interest paid by the govt. on its debt are holders of that debt. Mostly pension funds. i.e. Daily Hate readers via their pension schemes. Doh!

But don't let that stop Paul Dacre printing complete garbage.

Edited by R K

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C'mon, which one of you giftless bar stewards is responsible?

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Who are all these twunts? I recognise twunt number 16, but all the others just look like identikit posh twunts... Are they all now in positions of great power or something?

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Who are all these twunts? I recognise twunt number 16, but all the others just look like identikit posh twunts... Are they all now in positions of great power or something?

I think it's the photo from the young tory youth club's b-no to blackpool.

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Won't they just knock off a few zeros to make us rich again?.......£100 can become £1 the price you pay for a jam and cream Victoria sandwich. ;)

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Edited by winkie

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Who are all these twunts? I recognise twunt number 16, but all the others just look like identikit posh twunts... Are they all now in positions of great power or something?

8 is Boris's brother - recognise the hair!

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C'mon, which one of you giftless bar stewards is responsible?

article-2180095-144023C8000005DC-858_964x637.jpg

What ever became of :-

<snip> .... and then took over his father's industrial conglomerate.

No.16. Osborne worked for a short while folding towels, and then became Chancellor of the Exchequer.

No 17. Justin took a year off and then...

<snip>

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The strange thing about articles like this is the total lack of interest as to who owns this debt- it's as if 'the national debt' were a natural phenomena-like bad weather or an earthquake.

Is is simply not relevant to whom we owe the money? Or is there a kind of unspoken agreement in place not to identify who it is we are in debt to?

This failure to even reference the creditors involved is universal across the media- and to my mind quite odd.

If its correct to say that more than 70 per cent of UK government debt is held within the UK by things like pension funds then we are in the odd position of being largely in debt to ourselves- to our own financial services sector.

So we are in debt to the same people who crashed the economy and had to be bailed out- a bailout that itself added billions to the national debt.

So the supposed 'wealth creating' financial services sector have indeed created wealth-for themselves- but for the rest of us they seem to have created 'negative' wealth in the form of massive debt.

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