The Great Debate UK
The true level of government debt is not 805 billion pounds as currently reported by the Office for National Statistics, Newmark says, calling for an independent audit of the government’s books.
“The lax control of public money over the last decade has created a catastrophic level of debt, now equivalent to 2.2 trillion pounds – or 157.2 percent of gross domestic product,” he writes. “This is an increase of 346 billion pounds since last year, when the true level of government debt was 1.85 trillion pounds (or 126.9 percent of GDP).
Newmark, a member of the Treasury Select Committee, discussed “The Hidden Debt Bombshell” with Reuters:
- Bob McDowall is a research director working in TowerGroup’s European headquarters in London. His research addresses the principle challenges and opportunities affecting the European banking, securities, and investment management markets. The opinions expressed are his own. -
The UK Treasury Select Committee met on Tuesday to discuss the ongoing ramifications of the global banking crisis. High on the agenda was the need for a global reserve currency. A global reserve currency is certainly required to replace the U.S. dollar. No currency can permanently maintain both a domestic and international role in a globally connected industry.