The TaxPayers’ Alliance has issued a chilling warning over Britain’s “spiralling” national debt, revealing that the Government is spending the equivalent of 4,000 households’ entire lifetime tax contributions every single day just to pay off interest.
Speaking on GB News, Media Campaign Manager William Yarwood hit out at decades of “living beyond our means,” warning that the UK is fast approaching a “Greek-style” debt crisis where lenders may simply refuse to keep funding the nation’s spending habits.
With the national debt now hitting a staggering £2.8trillion, Mr Yarwood highlighted the eye-watering cost of simply servicing that debt.
He argued that current tax revenues are effectively “disappearing into thin air” to pay for past failures rather than front-line services.
Speaking on The People’s Channel, Mr Yarwood said: “We’re in this position because successive governments, both Conservative and Labour, have lived beyond their means.
“Instead of cutting spending and living within their budgets, they’ve either raised taxes or borrowed even more from those willing to lend to us.
“But the question, Martin, is that as we’ve seen with previous crises, including the Greek debt crisis, there comes a point where lenders are no longer willing to give Britain, or any other country, more debt to fund spending promises.
“You’ve heard the figure, £2.7trillion and £510million a day. As you said, families will be paying this off for generations.
William Yarwood said ‘your money is vanishing’
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GB NEWS
“Government debt of £510million a day is the equivalent of more than 4,000 households’ lifetime tax contributions.
“And that figure rises every single day. That means people’s taxes are effectively disappearing into thin air on this kind of nonsense.”
He added: “We at the TaxPayers’ Alliance produced a paper a little while ago, just before the Budget, to try to give Rachel Reeves some ideas.
Taxpayer’s Alliance have a national debt clock
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Taxpayer’s Alliance
“I dare say she didn’t actually adopt any of them, but that’s often the case.
“In the paper, we presented 10-, 15-, 20-, and 25-year plans for reducing the national debt to 60 per cent of GDP an internationally recognized safe standard.
“Let’s take the 25-year plan for a moment, which is the safest, most long-term approach and would require running a budget surplus.
“Martin, of £59billion a year and a fiscal correction in the current year of over £120 billion, because, of course, we currently have a budget deficit of £63billion.
“Now, my question is any Government actually going to really address this? Because that would require really hard questions about Government spending.”
The TaxPayers’ Alliance’s debt clock shows the UK’s national debt, using the definition of public sector net debt excluding the Bank of England.