Data gathered by Learnbonds.com shows that each United Kingdom citizen owes £37,434 of the national debt as per Jan 22 United Kingdom’s public debt stood at £2.53 trillion with a population of 67,552,714.
Globally, UK citizens rank as the fourth highest in terms of the amount owed. Japan ranks top with a debt of £68,095 per citizen followed by the United States at £53,377 while Belgium comes third with £38,375.
Compared to Japan, the UK debt has a percentage difference of 45%. Japan’s population is 126,844,000 with a national debt of £8.63 trillion, the second-highest in the world.
In comparison with the United States, the percentage difference in debt stands at 29.8%. Notably, the US has the highest national debt globally at £17.63 trillion with a population of 330,315,550.
UK Citizens Second Most Indebted in Europe
The data indicates that the UK has the highest debt per citizen in Europe after Belgium which ranks third globally. The percentage difference between the two countries is 2.4% (£941).
Interestingly, Greece which has faced rising national debt crises ranks lower than the UK on the amount owed per citizen. The percentage difference between the two countries is 18.5% (£6,923). Greece has a population of 10,470,228 with a national debt of 420 billion.
The data also shows that Italy has lower rates of debt per person against the United Kingdom. With a population of 60,545,216, Italy’s national debt is £2.17 trillion meaning that every Italian citizen owes £35,871 which paces Italy in the sixth position globally.
Britain’s national debt is almost three times higher than China which has £6.41 trillion with a population of 1,434,141,954. However, the two countries’ debt per person has a percentage difference of 88%. China’s national debt per person is eight times lower than in the United Kingdom.
China’s debt has been reducing since the government put in place measures from 2013. Most importantly, the country took measures to make the national currency, the yuan a global currency and it had to loosen the peg against the dollar. As a result, the yuan has been attractive to many forex traders.
In Europe, countries like France are also witnessing a lower public debt person. France with a population of 65,137,025 has a public debt of £2.15 trillion representing £33,034 in debt per every French citizen. This a percentage difference of 11.75% when compared to Britain.
Why the UK’s Debt Per Person Might Rise Further
Ireland’s public debt is slightly lower compared to the United Kingdom with a difference of £7805 representing 20%. The country has a national debt of 187 trillion with a population of 4,818,000.
Generally, most countries are witnessing an increase in public debt but for the UK the case might be different.
With Brexit, future generations might have a greater burden of debt upon the future. This situation might be worsened considering that financial experts are projecting a further slow economic growth as a result of Brexit.
With a dropping GDP, there might be a dramatic effect on tax receipts, whilst increasing expenditure such as benefits. There is also a possibility that young people might be forced to, leave the UK and in return increasing the tax burden.