Lives and livelihood

The UK is now on track for a £400 billion deficit in 2020-2021 thanks to the unexpected expenditure after COVID-19. 

We are informed the Government borrowed £35.9 billion in August 2020 to contain this deficit.

We are also told it is the highest amount borrowed in the month of August since records began in 1993.

The UK debt has hit £ 2.24 trillion surpassing the £ 2 trillion mark for the first time in history.

Does anyone bother? 

Some day this debt has to be settled, but does anyone bother now?                                              

The size of debt,rather the surge in debt has been brought about in the past by the recession in 2008/9 as the UK suffered a big crash in GDP lasting for six successive quarters and hurt the Government's tax haul. 

But in 2020 no body can blame household borrowing as the main cause. This eye watering  figure of £2.24 trillion means every person in the UK is on the hook to pay it back,in taxes and other ways the Government will want to reclaim,as a result of the Government's own decision to "lockdown" the economy in March 23,2020.