Debt Clock in Oxfordshire

13 April 2010, 12:29

An enormous 'debt clock's been brought to Oxford and Witney by campaigners concerned about the UK's rising national debt.

The Taxpayers Alliance claim it's rising by £5,000 every second and is currently equivalent to £30,000 for every family.

There are concerns the UK's credit rating could suffer if the country's debt problem isn't tackled quickly enough.  It's the same as if someone had a credit card debt that they didn't pay off - it would affect their credit rating, making it harder for them to borrow money in the future.

At the moment, the UK has a triple-A credit rating, but there are worries that may not continue for much longer.  If the credit rating is downgraded, it will become more difficult for the UK to borrow money and that means taxes could have to rise even further to pay the country's debts.

Just ahead of the General Election, the Taxpayers Alliance want all parties to be more upfront with how they plan to tackle the problem - which might include raising taxes.

Chief Executive Matthew Elliott (pictured) has been telling Heart: "Voters are almost going to the election blind.  It's a bit like going to a restaurant and not knowing the price of your meal before you order it."

Listen to our interview with Taxpayers' Alliance Chief Executive Matthew Elliott

Their debt clock stopped in Oxford's Gloucester Green on Tuesday 13 April 2010 before moving on to Witney.

Watch a video of the debt clock in Oxford's Gloucester Green

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