UK general government gross debt was £2,365.4 billion at the end of Quarter 1 (Jan to Mar) 2022, equivalent to 99.6% of gross domestic product (GDP). UK general government deficit (or net borrowing) was £15.8 billion in Quarter 1 2022, equivalent to 2.6% of GDP. In 2022 British government debt rose to its highest level in almost 60 years. Government borrowing increased to 20 billion pounds in September, 2.2 billion pounds more than in September 2021 and 5.2 billion pounds more than forecast in March by the independent Office for Budget Responsibility, the ONS said.
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Borough:
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The government should invest in digitalising its bureaucracy as a method of increasing government efficiency; efficient government does not exist without government-workers, and the task should be to make them more able to do their jobs rather than burying them in paper-based bureaucratic struggles and then firing them for not being fast enough while offloading their work at higher cost to private groups.
Taxation should be made more progressive, with land value taxes replacing sales taxes, taxes being raised on dividends and assets of higher wealth and higher earning individuals, the closure of loopholes for those individuals as well as companies and corporations. This can raise enough money to slowly be buying down the national debt as well as ensuring a balanced budget that fully funds public services.
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This is based on false economic understanding. There is nothing intrinsically problematic in the National debt - it is government spending which has not been taxed out of circulation I.e. it is the money in our pockets, bank account and savings. It has existed for over 300 years and somehow we have survived. What is relevant is does the spending improve the sustainability of the economy and its ability to maintain the well-being of citizens. Cutting public services impoverishes us all including businesses who need functioning infrastructure and thriving people to work and spend.
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They should eliminate waste, overlapping, and unecessary groups, teams, leaders, and most especially equality and diversity teams in all public bodies. A public sector expert should review the operational integrity and spending of each department and body and initiate mandatory efficiency changes, without reducing the public purse. This will bring back millions which can then be used to increase public spending in a sensible way.
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No, but it's about priorities - things, we as a nation, spend money on can be questionable. We should have a non-political body that is paid for by a fixed income from the nation and who's remit is to decide on the nations interests. Strong rules on money, composition, terms, etc. would be needed but largely, it should be free from political interference.
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