Total Government debt this year is £952 billion but will rise to £1,095 billion next year. So in 2011/12 the state will have borrowed £24,333 for each of its 45 million adult citizens. This is almost identical to the £24,274 personal debt of people who go for help to the Consumer Credit Counselling Service.
Some government spending - like state pensions - is protected and all politicians have agreed that some other things - like the NHS - have to be preserved.
So what there is left has to bear the brunt of the cuts. The arithmetic shows that unprotected spending has to be cut by around a fifth even to meet the targets set out in the Budget. No wonder the Financial Times said this week that there was a £30 billion black hole in all the parties' manifestos. So whoever is Chancellor on the weekend after May 6th spending cuts if not tax rises will definitely be on his agenda.
No ranting from me on this one - the figures above speak for themselves.
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