**CORRECTION: The original version of this press release said that debt was increasing by £382 million per year. In fact it's increasing by £382 million per day. This has now been changed.**
For immediate release
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The TaxPayers’ Alliance has relaunched its ticking debt clock, fifteen years after its groundbreaking campaign publicising the extent of the UK’s national debt. The clock shows debt standing at over £2.5 trillion and increasing by £382 million per day.
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This comes as the chancellor of the exchequer, Rachel Reeves, prepares to present an audit of the public finances, which will reveal a £19 billion black hole
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TPA first raised this issue in 2010 with its debt clock national tour and has consistently fought for discussions concerning the debt to be taken more seriously by politicians.
CLICK HERE FOR OUR DEBT CLOCK TOOL (BETA)
The TaxPayers’ Alliance has today relaunched its debt clock, a digital tool which displays in real time the UK’s growing national debt. This comes as Rachel Reeves is set to unveil her review of public finances, which "will announce immediate action to restore economic stability and deliver departmental savings this financial year."
Almost fifteen years ago the campaign group undertook a 1,500 mile tour of Britain – featuring a seven metre-long, lorry-mounted debt clock, ticking up as government borrowing increased. The new debt-clock will be an online-only digital tool, which will reveal the full extent of the UK’s growing national debt, which is growing at a rate of £4,410 per second.
The debt clock uses OBR figures which forecast that in 2024-25 an additional £139.1 billion will be added to the national debt, which equates to a daily increase of £381.09 million. The figures do not include Bank of England debt. Currently in beta mode, the debt clock will add a number of additional features in the coming weeks.
The TPA has since been at the forefront of efforts to raise the salience of the issue, including publishing research revealing that the real national debt, which includes a number of off-balance sheet liabilities, actually stands at £12.1 trillion, or £180,000. These liabilities include pensions, private finance initiative and nuclear decommissioning.
The TaxPayers’ Alliance is calling on Rachel Reeves to stay firm on spending demands in the upcoming budget, and to lay out a clear plan for tackling the growing debt burden without imposing additional taxes on individuals, families and businesses.
CLICK HERE FOR OUR DEBT CLOCK TOOL (BETA)
John O'Connell, chief executive of the TaxPayers' Alliance, said:
"Taxpayers will be horrified at the dangerously-high level of our national debt, and the shocking rate at which it is continuing to climb.
“For too long successive governments have played fast and loose with the finances, focusing on short-term decisions for political gain and leaving the long-term bill to future generations. This new debt clock will mean there is now nowhere for them to hide.
“Rachel Reeves is right about the state of the public finances, but she should now stay true to her word before the election and remain resolute in the face of demands to turn on the taps”
TPA spokespeople are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)
Media contact:
William Yarwood
Media Campaign Manager, TaxPayers' Alliance
[email protected]
24-hour media hotline: 07795 084 113 (no texts)
Notes to editors:
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Founded in 2004 by Matthew Elliott and Andrew Allum, the TaxPayers' Alliance (TPA) campaigns to reform taxes and public services, cut waste and speak up for British taxpayers. Find out more at www.taxpayersalliance.com.
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TaxPayers' Alliance's advisory council.
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The TPA first launched its debt clock campaign in 2009. Find out more here.
- This tool is currently in beta mode and will be updated with additional functionality.