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Is it right to encourage consumers to take on more debt?

The UK government has this evening come under fire from the Church of England as the question of encouraging consumers to take on more debt to refuel the economy rises to the top again. This is a question which has been asked by many different observers over last few weeks as the UK continues to drown under a mountain of debt. The reality is that increased government spending has pushed the national debt to £1 trillion and saddled every taxpayer in the UK with an enormous debt which will be recouped in years to come.

As government spending looks set to increase yet further over the next few months the threat to taxpayer's income in years to come seems to be increasing by the day. The next government into power will inherit a balance sheet heavily in debt with the need to replenish funds as quickly as possible. While the Tories would jump at the chance to regain power in the UK they know as well as anybody else that they would be inheriting a nightmare financial scenario. Gordon Brown may yet surprise many experts and fight the next election on his ability to refloat the UK economy which many believe he has ruined.

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