Like most countries, the UK seems to be caught between a rock and a hard place when it comes to taxes and government spending.
Public services cost a lot of money. Taxes are also already quite high. But the total amount paid in taxes is less than the amount of government spending.
So it has to borrow the difference. And it does this nearly every year.
Which means the combined total of all of this debt keeps increasing and is not being paid off.
This chart shows you how much more debt has been added every year from 1994. There are only 2 years where debt was repaid, way back in 2000 and 2001.
In the last two years, about £300 Billion has been added to this debt pile. Which was already pretty high.
So currently, the UK Government, on behalf of the people of the UK, owes about £2.6 Trillion.
That's about £39,000 per person!
But here's the issue. There are only two ways to fix this.
One, reduce government spending. But that means big cuts to services and welfare to get spending down and pay off debt. Not popular!
Two, increase taxes. But that means big tax increases to cover spending and pay off debt. Not popular!
Instead, politicians, pundits and economists pretend its not a problem...
And the debt keeps going up!