Seems anyone paying tax before 2015 was paying slaveowners for the abolition of slavery. How do folk feel now ?
No, whoever wrote this is ignorant and poorly informed.
It is true that slave-owners were paid for the abolition of slavery. And that this was financed with a perpetual bond.
Perpetual means not that it lasts forever, but rather that it lasts until paid off, and then every year the government pays interest on it.
The bond was issued in 1835 at 3%.
In 1927 it was refinanced www.dmo.gov.uk/media/9782/announcement291226.pdf
A maturity date of 1957 or later was set, and 4% interest.
Between 1835 and WW1 there was almost no inflation, so £100 in 1835 was £110 in 1914. So the 3% interest was quite nice. Inflation started in WW1, and by 1927 the value of £100 in 1914 was only £54.
As a perpetual loan the government had to pay 4% interest annually. This was an amazingly good deal in the 70s, for example, where the government would have had to pay double digit interest to borrow money. Those who had purchase these consols at £100 would have found the value of their investment fall to as low as £35 at some points, since the interest payable was just £4 a year, which would have been ludcriously bad in the 70s or 80s
However by 2015 4% was a bad deal and we could borrow money more cheaply. So the government rightly repaid all perpetual loans and re-borrowed on a fixed term basis at a cheaper rate.
As the loan was never supposed to be repaid, it makes no sense to say that taxpayers were repaying it in 2015.
Rather, tax payers in the 19th century paid a REAL 3% (since there was no interest) on £20 million, which is to say £600,000 per year. Inflation eventually wiped this out and made this number completely irrelevant.
The UK population was then 25 million, so this was equivalent to about sixpence a year per capita. GDP was then £600 million, so we agreed to reduce GDP by 0.1% per year permanently to pay off the slaveowners. The equivalent today would be about £33/year/capita
The £300 billion figure isn't credible or relevant because the money was borrowed and the actual spending was the £600,000, whereas government spending was then £50 million per year, so this was 1.2% of government spending.
Current government spending is £772 billion, so a more credible comparator would be £9 billion in spending. That's approximately the size of the net UK contribution to the EU, for context.