Gordon, what have you done?
As of June 2009, the UK government's "net debt" was over 56 percent of GDP. It is up around 20 percentage points of GDP in just three years.
Moreover, we are only three months into this fiscal year. The debt stock could easily hit 65 percent of GDP by next April. Next year's fiscal deficit will also be huge, and the government will probably need to borrow a further 15 percent of GDP. With GDP growth close to zero, the UK debt stock will almost certainly hit 80 percent within two years.
Lets be honest with ourselves. The government's borrowing binge isn't going to stop in 2011. Government debt will only keep growing, forcing the next generation to clean up our rotten mess.
However, I wonder how the next generation of taxpayers will react to the the debt disaster will they inherit. Will they generously continue to fund pensions as well as service our debts.
Somehow, I think not.