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How much has the UK recession cost us?

While it is very difficult to comprehend the billions upon billions of pounds being mentioned in budgets, national debt and other discussions, how much has the UK recession cost UK taxpayers?

One way to look at this particular subject is to look at government debt and how this is financed. To give an example of where we are at the moment, it will cost the UK government a massive £27.2 billion this year to pay the interest on debt which has been accumulated during the recession. However, while you may think this figure is enormous it will cost the government nearly £64 billion to finance the national debt in the tax year 2013/14. This is the combined budget for the defence Department and the transport Department for the current tax year!

It is easy to forget how much debt the UK government has been forced to take on and the massive increase in interest payments. When you also balance this against the need for the UK government to retain its Triple-A rating in the money markets, otherwise interest costs will increase yet again, this is to say the least a very difficult balancing act. One false move could literally bring the UK finances crashing down.

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