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Just thought it was worth mentioning – we’re bankrupt!

It seems a pity to cast a dampener on the public’s festivities as they watch Britain’s olympic flops flop. But once the Games are over, reality will return and bite us all very painfully in the a–e. It’s a reality that neither Labour’s Ed Balls nor our work experience Chancellor Osborne like to mention. In 2000, we paid about £24bn a year to service our government’s borrowing. By 2005, this had reached £35bn a year. By 2010, I think it was about £45bn a year. In 2011 it was £48.5bn. This year it should be comfortably above £50bn. And by 2015, we really hit the jackpot – we’ll be paying over £70bn a year in interest. We’ll be paying the same in interest as we now pay for education and defence. And this is based on the Coalition’s deficit reduction plans working. Should the economy not grow (seems more than likely) our debt payments will be even higher. We are bankrupt! Kaput! Finito! Game over! Have a good olympics.

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