UK Debt Payments


We have been told that we are living in an age of austerity, one in which we must all tighten our belts and not ask for more.

That leads me to a question. WHO ARE WE IN DEBT TO? No one seems to want to say.

Differing reports say that the UK debt will be between £1.1 trillion to £2 trillion by 2011. Now I grant you that is a pretty scary number.

The UK Prime Minister David Cameron said that he wants us to pay this debt back as fast as possible, that is after all the reason for such a breadth and depth of spending cuts happening as fast as they are trying for.

That lordly figure of £1.1 trillion to £2 trillion it sounds familiar to me. OH yes now I remember where I have heard it before.

The UK has 53 billionaires, and 284,000 millionaires, between them they are worth £1.28 trillion give or take various interest rates tax loop holes, and things such as “non-domicile” status such as the Conservative Party deputy chairman Lord Michael Ashcroft who has so generously not over stress the hard-worked UK tax office with his £3.4 million is unpaid offshore tax.

Now keep in mind that the £1.1 trillion to £2 trillion is the amount for 2011. If we pay the debt back now it’s going to be under £1 trillion a vast number I grant you.  I think that between the 53 billionaires, and 284,000 millionaires, the big UK companies, and anyone who gets over £100,000.00 we could break the UK Debt, and bring the UK books back into black before this year is out, without killing the NHS and other icons on the UK.

I can hear many a voice calling me mad, commie, or crack pot. It’s true I am not a mathematician, with specialties in macroeconomics, who has great insight into the economy, but then again those gods of the abacus helped to get us into this mess.

I grant you that the bottom figure of £100k is arbitrary; it would seem to me that £100k is a pretty fine wage to take home, perhaps better brains than I would come up with a higher number or even a lower one.

My proposition is not a permanent change to our way of life, just a quick short sharp shock; one that I think would not disrupt the way of life in the UK for the majority of people.

Every one of those top earners who give to the country could be made heroes, perhaps with some kind of tax break or other incentive, if more was needed other than being the saviour of the UK.

We could have a national tithing of every person’s financial wealth. I have heard it said that the Prime Ministers that their job is the best job in the world and they would do it for nothing. Well they don’t do it for nothing; they do it for £198,661.00 and an assured job for life after, plus a great pension.

Perhaps the Prime Minister you could start by tithing his wage above £100,000 to the tax man. With him leading the country like a Churchillian hero, showing us all the true Dunkirk spirit he could lead us off the beach of financial despair. I know that tithing his wage from £100K and above might seem a lot, but how much would you give to save the UK?