From figures published May 2010, UK public sector net debt was £903.0 billion. (or 62.2% of National GDP) – Source: Office National Statistics.
And £850 bn was the official cost of the bank bailout.
Notice how close these numbers are? £903.0 billion debt less £850bn from the bank bailout would leave our debt at £53 billion. Relatively speaking this is small beer.
Now I don't claim to be a financial genius, but why aren't these figures talked of more often? Many people suspect the Government is using our debt as an excuse for their own agenda; cutting services for the poorest while allowing the rich to get richer.
They could simply push the banks to pay back what they owe. Clearly they couldn't do it all in one go but considering the big bank profits recently they could make a start.
This is a site debunking some of the myths surrounding the ideological need to cut public spending, False Economy.
Compare where we are today with what happened between the 1992 and 1997 elections.
Yes, our debt is going up and is higher than it was before the election.
But it's still lower than it's been for many years this century, and is lower than in many other similar countries.
Yes, it's costing more to pay back our debt and it's going up.
But it's lower than most years since the second world war. Just 6p in every pound of spending went on paying off debt last year, compared to 8p in 1996.