SIR – The coalition government has reduced the deficit by half, so now the UK only borrows half what it used to do, however the national debt has increased to £1.4 trillion.

The real horror story is the expanding debt-only interest payments, which in the current financial year will be £33.7 billion. This almost equals this year's defence budget of £35.4 billion.

As the deficit is eradicated the UK continues to borrow reducing amounts, so the overall debt still creeps up slowly, but the debt interest is forecast to reach £51.1 billion by the end of the next five-year Parliament, this represents an increase of 52 per cent in debt interest.

It also assumes the next government will continue in the vein of austerity and base rate and inflation remain low? Any upward movement will trigger significant catastrophic financial consequences.

All this before we even consider the prospect of another Labour government addicted to borrowing, particularly enhanced by extreme left wing party’s of the Greens and the Nationalist. Paying it off falls on those yet to be born.

The UK could turn into a Greek tragedy!

Alan Chapman, Beck Lane, Bingley