The Growth of Cash, Credit and the National Debt

National debt, Cash and Credit over time

The pink line shows the amount of interest-free CASH in circulation – published by the Bank of England in its on-line data base where cash is called ‘narrow money’.

The yellow line shows the amount of interest-bearing CREDIT in circulation – aka ‘broad money’.

The blue line shows the national debt the interest of which is part of the governmental budget. Its institution is the ‘Debt Management Office‘ – established in April 1998 – one year after Labour won the election.

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