Letters: Debt mountain

We are promised that political parties are going to cut our budget deficit over the next four years (your report, 15 February).

As they are unwilling to specify draconian cuts in public spending, this circle cannot be squared.

The amount that comes in yearly from taxation alone is never enough to fulfil all that needs doing. That is why every year the government goes to the financial markets to borrow even more debt for what is called the "public sector borrowing requirement".

However, not to worry, all the excess debt is eventually added to UK national debt, which is too high even to contemplate – especially by those who are purposely confused by hearing about some "deficit" or other.

Most of us go cross-eyed at figures such as 50 billion, but that is roughly what has to be paid in interest each year to the financiers who hold the chits on our national debt. This has to be paid before any useful asset such as a school, hospital or road can be built.

It was not only Michael Jackson who lived in Neverland.

RONALD J RANKIN

Coates House

Dalkeith, Midlothian