Britannia Is Drowning in a Tsunami of Debt.

In this weekend report I go over the first quarter GDP data published on Friday, April 27th, 2018 for the U.K.. The data disappointed as growth in the first three months of the year almost ground to a halt.

I point out that the GDP data actually does not reflect the dire state of Britain's economy by looking at how GDP is calculated and showing how without the government's policy of deficit spending since the 2008 crisis the private sector economy has actually been shrinking since then.

My take is that the reason the economy is in such a moribund state is that it is having to carry an unknown amount of debt in order to keep the financial sector and the housing market afloat. The U.K.'s national debt has virtually quadrupled from £500 billion before the Crisis of 2008 to almost £2000 billion or £2 trillion at present.

My conclusion is that the public have been lumbered with this insurmountable national debt in order to keep the banks lending to the public and profiting from it.