The ASC Blog

£1 Trillion Debt - Where has the money gone?

Published 16/02/2012 00:00:00

So we all know now that the United Kingdom has a national debt of £1 trillion – whatever that means because I am sure you will agree with me that this really is “talking telephone numbers”.

OK. I can live with the debt and I can try to understand the figure. What I cannot figure out though is where the money went. Most of our clients borrow money for a specific purpose so if a client borrows £1 million to develop a hotel he or she will know where the money has gone once they are starting to re-pay the mortgage. Do we know what happened to our £1 trillion debt?

Where has the money gone? If we can see where the money has gone at least we can start to understand whether there was a benefit. I have a suspicion that a more detailed analysis will show that a lot of this debt has been used to fund expenditure and not to fund investment. That is really a political question which is outside my remit. I just want to contribute with my question to help us understand and perhaps to help avoid similar problems in the future.

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