The UK government has said that we will owe £1.2 trillion by 2012.
How can this be?
This website gives a good explanation:
http://www.debtbombshell.com/uk-national-debt.htmI was most interested who we actually owe the money to?!!?
The piechart below gives you an easy visual to read and weep.

Another interesting fact is that in 2009-10 the Government spent £671.4 billion of our money, despite tax revenues of only £496.1 billion.
Just look on
http://www.debtbombshell.com/uk-national-debt.htm and check out the table that shows what we're actually spending in billions of pounds.
It all makes quite shocking reading really, but one of my favourite parts is:
If a gilt auction fails Britain would be plunged into a full-blown economic crisis. Overnight, we would be forced to make savage spending cuts to balance our budget, sterling would plummet and we'd need an IMF bailout to stave off complete bankruptcy. Economic and social breakdown could conceivably follow.
I can't understand how our previous government could let this happen. Do we really want social breakdown?
Sometimes i think that these things that happen, don't happen by accident. Surely no government with highly skilled economists can be that incompetent? Were they trying to just grind us down for a reason?
Well, we shall see how things pan out people.