UK Government Debt Reaches £1 Trillion

The government debt of the UK has gone up to a record breaking £1 trillion from £883 billion from the past year. Even when this is the current figure, Chancellor George Osborne is still determined to attain his borrowing goal this financial year of £127 billion. The total for the year is at £103.3 billion. According to the Office for National Statistics, the government tax receipts have been given a boost by the bank levy. This was enforced on various financial institutions in order to recover some of the expenses during the economic crisis. There was a VAT increase this January – from 17.5 percent to 20 percent – which increased the tax take as well. The expenses of the central government declined by 0.9 percent as debt reduction plans have been implemented.