Geoff Kilpatrick Posted October 20, 2009 Share Posted October 20, 2009 Total debt, not including PFI or unfunded public sector pensions, hits ?824.8bn Darling comes to the Commons in a couple of weeks time with his pre-Budget report. Poor guy! Link to comment Share on other sites More sharing options...
Drew Busby ! Posted October 20, 2009 Share Posted October 20, 2009 Total debt, not including PFI or unfunded public sector pensions, hits ?824.8bn Darling comes to the Commons in a couple of weeks time with his pre-Budget report. Poor guy! He should resign in shame . One of the benefits of being publicly schooled at Loretto though, is that he's absolutely shameless. If any of us had to constantly keep revising (ie "keep getting plain wrong") our metrics, figures and forecasts in this way, then we'd be out on our erses. Not Darling, he'll stand up at the dispatch box and say up is down, black is white etc. And Brown will be sitting there beside him nodding in agreement. Link to comment Share on other sites More sharing options...
Brian Whittaker's Tache Posted October 20, 2009 Share Posted October 20, 2009 Just to meet interest payments on its mounting debt pile, the Government paid out ?5.9 billion - 43 per cent more than the same month last year and the highest monthly payout on record. Now I'm just a lowly graphic designer but surely we're ****ed when the interest rates start to rise again if thats what we're paying now? Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 20, 2009 Author Share Posted October 20, 2009 Now I'm just a lowly graphic designer but surely we're ****ed when the interest rates start to rise again if thats what we're paying now? Indeed. Stagflation is on the cards. Link to comment Share on other sites More sharing options...
jambos are go! Posted October 20, 2009 Share Posted October 20, 2009 http://news.bbc.co.uk/1/hi/business/8315907.stm Figures better than expected and borrowing largely down to the Banks Bail out according to the BBC. A few days ago GF was saying HMGs recovery policies were 'probably right' IIRC. Mind you a year ago he wanted them to let the banks fail - make of that what you will. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 20, 2009 Author Share Posted October 20, 2009 Couple of other things:- The bank bailouts constitute ?142bn of that amount, or 17%. Therefore, it's incorrect to say that this is wholly down to bank bailouts. The structural deficit, i.e. the deficit that still needs to be funded even in non-recessionary times, is estimated to be 6.2%. That's a lot of money needed just to stand still. Link to comment Share on other sites More sharing options...
jambos are go! Posted October 20, 2009 Share Posted October 20, 2009 Couple of other things:- The bank bailouts constitute ?142bn of that amount, or 17%. Therefore, it's incorrect to say that this is wholly down to bank bailouts. The structural deficit, i.e. the deficit that still needs to be funded even in non-recessionary times, is estimated to be 6.2%. That's a lot of money needed just to stand still. Sorry. I should have made it clearer I was talking about current year and not accumulated debt. Sometimes wonder why invividuals and families can cope with debt that can equal several times there income and not call it a crisis but governments are in crisis at much lower levels. Even Hearts debts are several times their income - and as for Chelsea!!!! Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 21, 2009 Author Share Posted October 21, 2009 Sorry. I should have made it clearer I was talking about current year and not accumulated debt. Sometimes wonder why invividuals and families can cope with debt that can equal several times there income and not call it a crisis but governments are in crisis at much lower levels. Even Hearts debts are several times their income - and as for Chelsea!!!! True - that is the major increase in the current year. The question is how the government gets that back. Lloyds TSB are trying to pull off the rights issue of the century, although RBS is busy making easy money at the casino again. The next wave, however, is yet to come, i.e. consumer defaults and repossessions. This will happen as interest rates are forced upwards and people find that remortgaging is a nightmare, coupled with increasing unemployment. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.