Where do the borrowed billions come from?

[Olemorris]

OK I know they raise tax revenue, but the billions and billions of pounds we read the gvt has borrowed to somehow revive our apparent dire economic situation - where does that all come from. Who or from where does the gvt get this money, which I understand we'll be paying back for generations to come? Answers as brief & simple as poss pls - obviously I'm not an economist.

[Crayfish]

Other countries, mostly.

 

Finding out exactly who owns what debts is proving surprisingly challenging, I am still working on that as it's an interesting question.

Edited August 26, 2009 by Crayfish

[JFKvsNixon]

I'd thought that we borrowed the money off China and a few rich Arabs.

[andyofborg]

anachist is a multi-billionaire, every night alistair darling sneaks into his bedroom and steals a couple of billion from under his mattress

[Crayfish]

I did just find out that Scotland cost us 25 billion this year.

 

HM treasury seem to publish every number under the sun EXCEPT who they owe!

[Crayfish]

In fact, Scotland costs more than Environmental Protection and Education put together! Expensive to say they hate us all!

[Crayfish]

Wait, should have said Environmental Protection, Education AND Science. Science only gets £5 billion a year or so. Poor science

[Crayfish]

I think they're just not saying.

 

The US Treasury are much more forthcoming. Here is current data on who owns US debt.

[Saracen 1000]

We borrow money through the World banking system...I dont know what the interest rates are.

When you read that our grand children and possibly their children will be paying back the debt the economists are about right.

For example about 12 months ago Britain made its final payment to the US government for the money it borrowed to finance World War 2....... Freedom comes at a high price...so when you see and hear the proles knocking the UK from the comfort of their bean bags, please feel free to remonstrate with them.

As we are at the moment there are not enough people in work to pay the taxes to keep Britain afloat....so we have to borrow money.

Had Gt. Britain been a limited company the events of the past 12 months would have seen a team of joiners putting the wooden shutters up.

The fact that today we probably have less money in real terms than some third world countries should come as no surprise.

Make no mistake the inherrant greed by the big banks linked to the sleaze by the very people we elected to protect us has brought this country down..................

[chem1st]

Somebody invented it and became very rich by borrowing it to us.

 

I was under the impressions that's how it has been done for a long time.