Loan danger

Bill Jamieson’s reminder (Opinion, 6 October), that the average UK household debt is now some £57,000, is timely. However, every UK household also has “joint and several liability” for our national debt, pensions, PFI initiatives etc. The Taxpayers’ Alliance puts our total level of debt at a staggering £7.9 trillion. This equates to more than £300,000 per household or £115,000 per head of population.

Unfortunately, this is not the end of the story as the UK continues to borrow at the rate of £3 billion per week or £6,500 per household per annum. Even the most fervent supporters of John Maynard Keynes must now recognise the folly of borrowing to maintain a plainly unaffordable and dysfunctional economy.

The recent announcement that Britain was to retain its “Triple A” status was therefore bad news, for until our leaders are forcibly stopped from kicking the can down the road by having their “credit card” cut up, they will not act responsibly.

From my perspective, this act, painful as it will be, cannot come soon enough.

Robert Durward

Netherton House

Biggar