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  Rick - the bank bail-out has added to the overall national debt and will, eventually, be repaid through the sale of the shares at the right time. The government is suggesting that we, the public, might be offered them at a discount.
  
  This part of the huge national debt is therefore not a problem.
  
  Do not mix the national debt with the deficit, something easy to do.
  
  The deficit is the amount being spent ny the government over and above tax receipts.
  
  This is £156bn per annum, after the £6.2bn savings being made this year. To put that into perspective, that is 4 times what is spent of defence.
  
  We must cut public spending to a level whereby the deficit can be eliminated by economic growth within a few years and then this massive debt (approx £770bn - rising to £1.4trillion by 2014) can start to be repaid.
  
  This debt will cost £70bn in interest by 2015 per annum, nearly double the defence budget. If the deficit is not cut then we will lose our AAA rating and interest rates paid by the government will shoot up and the value on the bonds issued will drop. if that happens then the level of public spending cuts needed will be a lot bigger.
  
  The last government spoke about deficit and debt in a way that was interchangable and confusing, when they talked about cutting the deficit by half most people though debt... not the same.

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