Britain faces debt interest payments of £1bn a week
BRITAIN will soon be paying more than a £1billion a week meeting interest payments alone, David Cameron warned yesterday.
In a major speech on the economy he said the debt crisis was so bad the “pain” of Government cuts will be felt for decades.
The Prime Minister said “reckless” Labour spending was to blame and pledged to bring the public sector “back into line”.
Mr Cameron revealed Treasury figures which show that without drastic cuts the national debt will reach an eye-watering £1.4trillion in five years.
It means interest payments will cost the country £70 billion every year – more than the entire budgets for schools, climate change and transport combined.