|
More than 5000 entries on the history, culture and life of Britain (published in 1993 by Macmillan, now out of print)
|
National Debt
|
|
The total amount of money borrowed at any time by the government. The debt goes back to the founding of the *Bank of England in the late 17C and has been close to £250bn in the 1990s. Vast though this seems, it is only about 50% of *GDP. Nearly all the debt is money borrowed from UK citizens (through the sale of government bonds and securities, and to a lesser extent of savings certificates) so the interest paid is an internal circulation of money. Each year's addition to the national debt is known as the *PSBR (public sector borrowing requirement).
|
|
|
|