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  # 11 is irrelevant to the debt/deficit levels.
  
  We have a problem of governments overspending on the current account in excess of what the economy can sustain, just to put it simply.
  
  Your £1trillion figure for debt is understated and can be easily doubled when you add in Brown's off-balance sheet debt and unfunded public sector pension liabilities.
  
  The only way to deal with this is to reduce the deficit and produce a surplus as soon as possible. The surplus can then go to paying down the debt. We should also reduce future liabilities, specifically public sector pension liabilities through far more radical action than the timid proposals so far.
  
  The deficit must be dealt with by cutting public spending and obtaining stable economic growth. Only the private sector can produce the growth so more must be done to incentivise enterprise and investment in the private sector and by de-risking business growth through reducing red tape and making it easier to employ people (that means also making it easier to cut back staff if things go wrong).
  
  All of this must be done within a continued low interest rate environment. Irresponsible spending by the government or failure to reduce the deficit within a short timescale risks increasing interest rates through credit downgrades, increasing mortgages and business borrowing costs will destroy any benefit gained from economic growth measures and could send us into a further downward spiral.

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