07-23-2024, 06:57 PM
The Liberal Party notes with grave concern the latest figures from the Office for National Statistic(ONS) revealing that the UK’s Govt debt has now reach 99.5% of GDP, totalling £2.8 trillion.
This debt pile now comes with an estimated cost in interest payments of £89 billion in the next financial year whilst the govt continues to run a fiscal deficit expect to be a near identical £87 billion per the Office of Budget Responsibility.
The party believes that this trajectory is unsustainable and believe that major structural changes are required to promote growth coupled with reform of the tax regime, tax rebates, and exemptions.
We believe better support for small businesses and SME must play a key part to promote economic activity thus creating jobs and prosperity to guide the country to a more secure financial future without further cuts to public spending.
This debt pile now comes with an estimated cost in interest payments of £89 billion in the next financial year whilst the govt continues to run a fiscal deficit expect to be a near identical £87 billion per the Office of Budget Responsibility.
The party believes that this trajectory is unsustainable and believe that major structural changes are required to promote growth coupled with reform of the tax regime, tax rebates, and exemptions.
We believe better support for small businesses and SME must play a key part to promote economic activity thus creating jobs and prosperity to guide the country to a more secure financial future without further cuts to public spending.