Source: Another Angry Voice
If you have been at all aware of British of British politics over the last five years you are very likely to have seen the above. Is it true?
Chart 1 shows the annual increase in the public sector net debt each year going back to the first Labour government, Ramsay MacDonald’s short lived ministry of 1924. Adding these up, the coalition (in green, a mix of yellow and blue) has ‘created’ £523 billion of debt between 2010 and 2015. Adding up all the debt increases under the two MacDonald governments (1924 and 1929), the Attlee government (1945 to 1951), the Wilson government (1964 to 1970), the Wilson/Callaghan government (1974 to 1979) and the Blair/Brown government (1997 to 2010), the total comes to £665 billion.
Source: UK Public Spending
If anyone crunches the numbers and comes up with different answers, drop me a line.