Via the Chancellor’s Autumn Statement (PDF), the revised trajectory of public sector net debt:
City AM reported back in July on a poll that,
asked whether the coalition would be keeping the national debt the same over the next four years, increasing it by £350bn or cutting it by £350bn. Just nine per cent got it right – 21 per cent thought it would be staying the same and an astonishing 70 per cent thought the national debt would be cut by £350bn.
Allister Heath went on to call this widespread failure to distinguish between debt and deficit “a massive failure of journalism”. I wonder what the survey would report today, now that the debt will be even larger.
The deficit is what the Government intend to reduce: that is, the shortfall between taxes and spending. Our debt will not just continue to balloon, but to ballon to a greater degree than forecast.