The point of the post was not to justify the spend but to give an idea of how much debt we are drowning in and what a tiny amount the figure of £10 million is in comparison to just the interest we are paying on that debt.


 


I really fear that if this is not addressed then despite the current state of the economy at the moment we will be looking back in 10 or 20 years time and thinking of it as a "golden age".


 


If international interest rates rise from the approx 2% rate we are managing to borrow money at the moment to the historical average of 5 or 6% then in simple terms we are in real trouble - interest payments alone would be nearly twice the defence budget and approaching that spent on education!


 


As a percentage of GDP we owe more than Greece, Italy, Portugal or Spain.