The Office for National Statistics (ONS) data released this morning shows yet again that – output turning round or not – exports most emphatically aren’t. Our net loss on trade in July was £4.9billion.

While the services surplus increased by just £0.2billion, the goods gap rose a horrific £1.2 billion to £8.7 billion.

This rams home once more the reality of national finances: no matter what the output figures say, if you import more than you export, you get deeper and deeper into debt.

The public sector debt alone is around £820 billion. We will need to borrow £150 billion in this coming fiscal year to make up trading shortfalls.

In 2008, our debt repayments cost £31 billion. In 2009, £35 billion. In 2010, those repayments will be £70 billion.

If we carry on just keeping the trade gap where it is, that will come to another £60 billion a year we need to borrow. With the cost of borrowing rising all the time.

This is how capital debt accrual and rising rates ensure that, in the wrong financial climate, things get out of control.

Benedict Brogan wrote in the Telegraph today that when the size of cuts being demanded by Osborne are made public, ‘all hell will break loose’.

Those raising hell should read the numbers outlined above – and then shut up.