I did a quick scan this evening of the UK GDP figures. My interest was up in the light of the recent announcements of a rapid jump in UK growth (GDP growth).
UK GDP is around the £1200bn mark.Govt borrowing is increasing from year to year by about £95bn, UK household debt is increasing by £1.5bn/month or roughly £20bn/year. So, total UK borrowing is increasing by perhaps £115bn pa. The Govt and IMF forecasts growth of 2.4% or £28bn.
Now what if we deducted the total annual household and govt borrowing figure? Well, that would convert the + growth figure into a negative figure not far off 10%.
I know it's all a bit schoolboy in its simplicity, but it does seem like we don't really have any growth at all, other than growth in spending which is funded mainly by borrowing.