30 Apr

UK Needs Minister for Debt

The Telegraph recently posted a great article about the upcoming general election suggesting that perhaps the UK needs a Minister for Debt. The reasons cited make a pretty strong case for the government’s need to create such a position. Some of those reasons included:

• Debt for each family of four is expected to reach unprecedented highs by 2013. In 2006, debt for a family of this size was already large at £40,000. It is believed that this amount will climb to a whopping £100,000 per family by 2013. This reveals that debt is a serious problem in the UK at this time. It is a problem that is clearly affecting the average person there today.
• Interest on debt is also rising. The rate of tax on debt interest payments has been about 5.5 pence per pound recently. However, this amount is expected to rise with the next parliament. It could be as much as 10 pence per pound. What this means is that nearly double the amount of your tax money is going to be going to pay off debt instead of going to other important things like building hospitals or schools. A close look at the budget reveals that debt interest payments are projected to rise by 50% while spending on public services is expected to decline by 12%.
• The government isn’t dealing with the problem. There isn’t a plan in place to balance the books until 2018. The debt problem is just going to keep compounding itself.
• Cabinet ministers are appointed to deal with important public issues. For example, there is a Minister for Climate Change who addresses UK concerns over global warming and other green issues. With debt becoming such a huge problem in the UK, it only makes sense that the government should consider creating a Minister for Debt.

Debt and the amount of spending that will be done on debt in the near future is a huge issue of public concern in the UK. It is one of the things that should be discussed by politicians immediately rather than left to become an even more serious problem. Appointing a Minister of Debt to assist in focusing on the issue would be a wise choice. And even if the government doesn’t make this move, it’s clear that the politicians need to start thinking about ways to manage the debt problem before it truly gets out of hand.

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