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How does the UK balance sheet look today?

While the UK national debt figure of £1.45 trillion has hit the headlines over the last few days (with many believing it could move further towards £2 trillion before improving) it is worth touching base with reality and the fact that total domestic wealth in the UK still stands at £9 trillion!

The figures were released by the Office for National Statistics to show that while the UK is struggling under a mountain of debt, there are more than enough assets held by the UK population to cover the liabilities. The figure of £9 trillion includes total net wealth of each UK household, money held in private pension schemes but excludes state pensions and business assets owned by family members. The more prominent asset classes covered in the figure of £9 trillion include property (39%), financial wealth (11%) and physical possessions (11%).

When we see debt figures of £1.45 trillion it is easy to become concerned about the future, although in no way should the figure being ignored, but in reality the UK is still a very prosperous and wealthy nation and will bounce back in due course. The main concern is obviously the state of the government finances and the budget deficit, both of which continue to grow while the authorities continue to invest in the economy, hoping to encourage a significant recovery in the short to medium term.

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