On Wednesday on the train home from London I read the Evening Standard to catch up with budget. It carried a headline that the national debt will add up to £1.2 trillion by 2012/13. It also listed some other countries for comparison. Earlier, I looked up the 2007 GDP figures for these countries on the OECD's site. (Ukraine's and Egypt's are estimates from wiki, with Colombia coming from the CIA's site.) I applied the sterling/USD exchange rate from Sussex university's site (1.4315) and converted the trillions to billions for the relevant countries in order to make the stats comparable. Gordon Brown once said that borrowing should not go above 40% of GDP. Here are the estimates from my sums.
|Debt tr £||Debt bn £||Debt tr USD||Debt bn USD||GDP bn USD||%|
If we don't have a vote of confidence and a general election soon, it looks like I'll be emigrating. But not to Italy, the USA or France.