Unfortunately it is Chris Robins (Oxford Mail, August 6) who misunderstands how Government borrowing works.

While his statement is true for the existing borrowing by the Government, he forgets that the Government is projecting a massive increase in borrowings for this financial year and the next one of £175bn.

Like all new borrowing, a lender has to be found (a buyer of government gilts for example), and interest paid.

While the Government has so far been successful in selling government debt, there are no guarantees that this will continue, and there will be a point when lenders say no more.

In addition, the increased lending means more interest has to be paid – and this can only be done by reducing public spending on services or increased taxes (or yet more borrowing).

With government borrowing presently at £800bn, at the present rate of interest on government debt that is the equivalent of more than £500 per year for every person living in this country and this figure will be rapidly increasing – and that excludes any repayments! So the decision is simple – we either have pain today or more pain tomorrow.

The difference between the political parties will be their proposals (if they are honest) of when and where that pain falls, in terms of which services are cut and/or which taxes are increased.

Paul Wilson

Kennedy Close

Cowley

Oxford