danny la rouge
I have a cheese grater in the dishwasher.
This thread is for comment and analysis.
The Budget Thread 2009
- Thread starter danny la rouge
- Start date
This thread is for comment and analysis.
Bob_the_lost
Elsewhere
Who really thinks the budget day PMQs benifits any information about how well Luton did in the footie? Blatant "re elect me" question from the right irritating labour member. [/derail]
agricola
a genuine importer of owls
Brown was a disgrace, even more so than usual. He answered no questions beyond those he had planted himself.
goldenecitrone
post tenebras lux
That new kittens and chocolate tax is going to alienate a large part of the electorate. 
Bob_the_lost
Elsewhere
So, looks like my car's value's just jumped £1650 in the last minute.
Kanda
Diving wanker
Buying a brand new car then?
Bob_the_lost
Elsewhere
Didn't want to, still don't really as you lose that much driving off the forecourt. With a bit of luck nearly new will be included, otherwise i'll have to find some way to flog mine off or just suck it up and get a shiny new one *shrug*.
Not really, the price of 10 year old second hand cars is not going to move, it will be impossible to buy a banger for £100 and use it as a trade-in against a new car.
Bakunin
I am Noodle's bitch.
Anyone else a little scared about the future? Borrowing sums like that is basically trapping us in debt for who knows how long? And the figures are based on a strong return to rapid growth within 2years
This country is fucked for the forseeable.
Great, isn't it?
We've barely finished paying our Lease-Lend dwbt owed to the USA from WWII, and our beloved leader decides to lumber us with even more of the same.
Bakunin
I am Noodle's bitch.
More than likely, yes.
agricola
a genuine importer of owls
Someone has to do it though, and as long as they do it properly (ie: start with SPADs / advisers / consultants, go via PFI, ID Cards, IT procurement and all the rest of the nonsensical waste that goes on) and not just cut jobs and wages at the bottom end it may not actually be a bad thing.
consumer135
Member
Socialism for the rich: Once a recession has started there is f*** all government can do do stop it all they can do is spend too much futilely trying to prop up doomed sectors (banking, the house price wankfest , car manufacture) and end up with a huge debt which will turn the recession into a depression because they will need to slash spending and raise taxes later thus preventing any recovery. The alternative which is even worse is deliberate hyper inflation to erode public debt.
Worst of all the debt doesn't take into account the trillions of pounds of liabilities that the government has taken on underwriting the banks. For example $325 billion of toxic assets that they took on in return for £6.5 billion non voting RBS shares. Seriously the UK is technically bankrupt and soon we will all be going the way of Iceland.
Worst of all the debt doesn't take into account the trillions of pounds of liabilities that the government has taken on underwriting the banks. For example $325 billion of toxic assets that they took on in return for £6.5 billion non voting RBS shares. Seriously the UK is technically bankrupt and soon we will all be going the way of Iceland.
Unfortunately it needs to happen.
This country has been completely fucked over and is in very serious danger of sovereign default.
glenquagmire
Rightwing NuLab apologist
Hahahahahahahahahahahahahahahahahahahahaha
agricola
a genuine importer of owls
Yes, we should just let NL throw all this money at "the economy" and then, when it doesnt work, support the cuts they will impose.
LoveMeDont
Active Member
Maybe they could start by scrapping the ID card scheme. That should save 20 Billion or so.
glenquagmire
Rightwing NuLab apologist
Don't know where you got that from.
A Dashing Blade
Takes horses to water but can't make donkeys drink
Yup
Nope. In danger of losing it's AAA rating (and therefore will need to pay a higher rate of interest on borrowing), but not in any danger at all of defaulting.
It is a pessimistic view, but then people thought the idea was as ridiculous in Argentina in the 80's when they were the most properous Latin country.
There are some worrying parallels amongst the percentage debt figures.
agricola
a genuine importer of owls
You really think there wont be cuts if, by some miracle, they win the next election?
glenquagmire
Rightwing NuLab apologist
No, I don't know where you get that idea from. I didn't write anything remotely resembling that.
Bob_the_lost
Elsewhere
*ponders helping agricola out*
Nah.
Nah.
kyser_soze
Hawking's Angry Eyebrow
Aside from the deficit being everso slightly higher in relation to the G8-G12, the UK isn't in so much shit it can't pull itself out via higher taxes...it'll take a while, but some of the hyperbole on this thread is tedious repetition of tory spin.
Corax
Luke 5:16
No, I think it's fabulous. At some point the figures will be so large, and the debt so global, that capital will cease to have any real meaning. Then we can try something else.
/insane optimism
Combustible
Well-Known Member
The massive figures quoted for national debt levels are absolutely useless unless we know what percentage of the GDP it is and how that compares to other countries.
Currently the UK national debt isn't especially high when compared to other European countries as of 2007.
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt
And there seemed to be no indication of how it is projected to change from all the coverage of it.
The 50% top rate of tax is a good start anyway.
Currently the UK national debt isn't especially high when compared to other European countries as of 2007.
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt
And there seemed to be no indication of how it is projected to change from all the coverage of it.
The 50% top rate of tax is a good start anyway.
kyser_soze
Hawking's Angry Eyebrow
What I love about that chart is it shows up the accounting problems faced by international economists. For example, the UK's spread is from 43.4-58.7% of GDP - that's a pretty fucking big discrepancy!
I'd be more worried if I were Italian (104% of GDP) or Japanese (170% of GDP!!)
I'd be more worried if I were Italian (104% of GDP) or Japanese (170% of GDP!!
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