The deteriorating economic position

During the County Council election campaign in May, Philip Hammond Shadow Chief Secretary to the Treasury came to Rugby and spoke to local business owners & managers. Philip out the state of the Governments finances in perspective by telling the audience that the country was borrowing £1 for every £4 it was spending. In today's Times leader column headed "fainting by numbers - new figures on goverment debt show the landscape is rockier than we imagined" there are more scary numbers: national debt at over £800 billion or £25,000 per family; debt increasing at £6000 per second; every day £83 million having to be found to pay the interest and by 2013/14 accounting for £63 billion a year or more than we will spend on transport & defence combined. Surely now no-one can be in any doubt of the magnitude of the task facing an incoming Government.