David Cameron opens up UK government books
David Cameron has opened up UK government books to the public today in a statement which will horrify the vast majority of the UK population. It is estimated that the UK sovereign debt will touch £1.4 trillion over the next five years which equates to £22,000 for every citizen in the country. If this isn't bad enough the government is also predicting that annual interest charges on the massive debt will peak at £70 billion in the short to medium term!
There is no doubt that David Cameron has inherited one of the worst fiscal situations in living history and one which will take more than one parliamentary session to rectify. It is the £70 billion in interest charges which stands out head and shoulders above any other figure and will create a massive hole in the public sector finance picture. There's a feeling that David Cameron and his coalition partners are determined to "get the worst news out of the way" as soon as possible in order to justify the massive cuts which are obviously on the way.
There is a belief amongst many that difficult decisions further down the line will make David Cameron unelectable at the next election even if good progress has been made.
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