Gov. borrowing hits £801bn, 56.8% of GDP - 100% by 2013?

Alsacien

MIA
Moderator
#1
In April's budget, Darling forecast that borrowing this year would reach £175bn, 4 months later that figure is blown.

http://newsvote.bbc.co.uk/2/hi/business/8211314.stm
http://news.sky.com/skynews/Home/Bu...ast_Month,_The_Highest_July_Deficit_On_Record

This paints an even blacker picture:
http://news.sky.com/skynews/Home/Bu...overnment_Debt_Means_For_Britain_By_Bob_McKee

"With deficits mounting, the Government forecasts that public sector's debt (popularly known as national debt) will reach 80% of GDP by 2013. That is optimistic. It is likely to reach 100% of GDP by 2011."
 
#2
This comes about from the brilliance and intellectual acuity of our wonderful Prime Minister, Doctor Gordon Brown. We should celebrate the sharp intellect he has. After all, anybody who gains a Doctorate at University must be extremely clever and 'au fait' with the ways of Humankind.

Dr Brown was the best Finance Minister we, in the UK have ever known. After all, with his knowledge of the Precious Metals market, acute sense of timing, he sold of a portion of the Bank of England's Gold Reserve at a knock down price to our Foreign Customers. Now, that was a stroke of genius - just like the Supermarkets, 'Buy One Get One Free'. Who else could have thought that one out?

Now, as the most esteemed Prime Minister since Churchill, Dr Brown applied his amazing political skills again, and selected Mr Alistair Darling as our replacement Finance Minister. Again, a man with wonderful experience of economics. He is much more experienced than that non-entity, Dr Cable.

We should all assist and support Dr Brown in his quest to return to Academic Studies. We should get behind him and help him achieve this very quickly. We cannot have such a powerful mind laying fallow. Dr Brown is going to write another History book on the ‘Benefits of the UK Labour Movement in the late 20th and early 21st Century. This will be a wonderful book when it comes out, and it will be wonderful read at bedtime.

I raise my glass to Mr Darling and his wonderful experience. I was going to buy Dr Brown’s book when it comes out for my old Granny, but I am totally skint at the moment. So I will pass this opportunity up.
 
#3
Ahhh, not content with wrecking our economic present, they're mortgaging our & our kids future as well, to pay for unrealistic investments in public services which will offer a terrible rate of return. Cheers Government!
 
#4
Ah I see it now. Last time 'Sick Man of Europe'. This time 'Crack Whore of Europe', noshing off the IMF/ECB/whoever for the next hit.

As I posted elsewhere (with a nod to Fawkes), we're now such an economic basket-case that the Zim dollar is up 15% on the pound in the last month.

Yep, the world's view is that confidence in Gordon Brown is falling in comparison to Bob Mugabe. Nice one.
 
#6
No, that can't be right, all those years with Gordons steady hand at the tiller, prudence, the longest period of growth of all time, Tory Lies!, etc, etc.

Or perhaps Gordons just sh!te at his job and we're fooked 8O
 
#7
'How long can Brown go on pretending everything is alright?'

He's not pretending anything at the moment - he's reverted to character, he's gone back into hiding.
 
#8
Mr_Deputy said:
So for the thickies like me....so if debts are 100% of GDP then we spend all our GDP serving the loans?
Then what - we spnd all our time servicing richer european sailors for a few euros to buy some bread?
No. If Debt is 100% of GDP then we will have to pay a considerable amount of money servicing the loans, around 2-3% of GDP (i.e. the defence budget).

The real problem comes if as a result of debt exceeding 100% of GDP, AND a failure by the government to make any reductions in spending (needed to put the public finances back on course for sustainability) then we might lose our Triple-A credit rating, and the lenders may increase the interest rates they offer us.

That would then push up the cost of borrowing, which means less money would be available to us, and it would cost us a larger percentage of GDP to service the existing debt. And that's the point where we effectively get higher taxes, and cuts. Think IMF bailout territory.

At the moment we're walking a very tight line. Brown has completely failed to cut back spending because it was his last chance of winning an election. That's gone, but he's still not made cuts. Add to that the fact that a lot of the quantitative easing (printing money) has been used to buy government debt that no one else wants.

All of this leads me to suspect that the UK is still truly utterly Geordie-lass-on-a-hen-night****ed.
 

Grownup_Rafbrat

LE
Book Reviewer
#9
So, fulfilling the prediction of an economics tutor I met once, becoming the world's only banana monarchy.

Next time there's all those 'debt relief' campaigns about unscrupulous governments salting away borrowed money and their poor people not being able to get the burden of the debts off their back, add one more country to the list!
 
#10
Yep, we're****ed...

In the not too distant future, if I get to go abroad on business trips (because i won't be able to afford holidays) I expect to see some great adverts for this nation, you know the kind...

"For just $2 a month, you can provide a meal for a British family"

(note - this is after the rampant inflation aspect)
 
#11
#12
£40-50 Billion = Cost of servicing Gordon Brown's National Debt (This year alone).

£60-70 Billion = Cost of servicing Gordon Brown's National Debt (projected next year).

£70-80 Billion = Cost of servicing Gordon Brown's National Debt (projected 2 years on).


£39.6 billion = MOD Budget

£197 billion = Welfare budget = 5 times that of MOD.


The point is: The interest on Gordon Brown's borrowing costs more than national defence, and welfare payments are 5 times what is spent on national defence.

Before Sven, Ashie or Puke open their gobs - this data comes directly from the ONS website, and the rest is based on the rather reliable projections of growth in public debt being put out by every newspaper, research organisation the like.
 
#14
Extremist said:
£40-50 Billion = Cost of servicing Gordon Brown's National Debt (This year alone).

£60-70 Billion = Cost of servicing Gordon Brown's National Debt (projected next year).

£70-80 Billion = Cost of servicing Gordon Brown's National Debt (projected 2 years on).


£39.6 billion = MOD Budget

£197 billion = Welfare budget = 5 times that of MOD.


The point is: The interest on Gordon Brown's borrowing costs more than national defence, and welfare payments are 5 times what is spent on national defence.

Before Sven, Ashie or Puke open their gobs - this data comes directly from the ONS website, and the rest is based on the rather reliable projections of growth in public debt being put out by every newspaper, research organisation the like.
I'd suggest you give up your personal insults (they are the sign of a weak mind) and instead take a look at US, Japanese, German, French, Italian and Belgium debt and projected debt figures to give yourself some perspective.
 
#15
parapauk said:
Extremist said:
£40-50 Billion = Cost of servicing Gordon Brown's National Debt (This year alone).

£60-70 Billion = Cost of servicing Gordon Brown's National Debt (projected next year).

£70-80 Billion = Cost of servicing Gordon Brown's National Debt (projected 2 years on).


£39.6 billion = MOD Budget

£197 billion = Welfare budget = 5 times that of MOD.


The point is: The interest on Gordon Brown's borrowing costs more than national defence, and welfare payments are 5 times what is spent on national defence.

Before Sven, Ashie or Puke open their gobs - this data comes directly from the ONS website, and the rest is based on the rather reliable projections of growth in public debt being put out by every newspaper, research organisation the like.
I'd suggest you give up your personal insults (they are the sign of a weak mind) and instead take a look at US, Japanese, German, French, Italian and Belgium debt and projected debt figures to give yourself some perspective.
But as a % of GDP, those figures are not as serious as ours. Also France and Germany are now out of recession.......notice we are not. Yet again, you don't tell the truth, much like your beloved party
 
#16
drain_sniffer said:
parapauk said:
Extremist said:
£40-50 Billion = Cost of servicing Gordon Brown's National Debt (This year alone).

£60-70 Billion = Cost of servicing Gordon Brown's National Debt (projected next year).

£70-80 Billion = Cost of servicing Gordon Brown's National Debt (projected 2 years on).


£39.6 billion = MOD Budget

£197 billion = Welfare budget = 5 times that of MOD.


The point is: The interest on Gordon Brown's borrowing costs more than national defence, and welfare payments are 5 times what is spent on national defence.

Before Sven, Ashie or Puke open their gobs - this data comes directly from the ONS website, and the rest is based on the rather reliable projections of growth in public debt being put out by every newspaper, research organisation the like.
I'd suggest you give up your personal insults (they are the sign of a weak mind) and instead take a look at US, Japanese, German, French, Italian and Belgium debt and projected debt figures to give yourself some perspective.
But as a % of GDP, those figures are not as serious as ours. Also France and Germany are now out of recession.......notice we are not. Yet again, you don't tell the truth, much like your beloved party
Er, I think you'll find they are!
 
#17
parapauk said:
drain_sniffer said:
parapauk said:
Extremist said:
£40-50 Billion = Cost of servicing Gordon Brown's National Debt (This year alone).

£60-70 Billion = Cost of servicing Gordon Brown's National Debt (projected next year).

£70-80 Billion = Cost of servicing Gordon Brown's National Debt (projected 2 years on).


£39.6 billion = MOD Budget

£197 billion = Welfare budget = 5 times that of MOD.


The point is: The interest on Gordon Brown's borrowing costs more than national defence, and welfare payments are 5 times what is spent on national defence.

Before Sven, Ashie or Puke open their gobs - this data comes directly from the ONS website, and the rest is based on the rather reliable projections of growth in public debt being put out by every newspaper, research organisation the like.
I'd suggest you give up your personal insults (they are the sign of a weak mind) and instead take a look at US, Japanese, German, French, Italian and Belgium debt and projected debt figures to give yourself some perspective.
But as a % of GDP, those figures are not as serious as ours. Also France and Germany are now out of recession.......notice we are not. Yet again, you don't tell the truth, much like your beloved party
Er, I think you'll find they are!
well, reference them then Gordon and let everyone see for themselves. Or
 
#18
If true then why the FUCK are we GIVING MONEY AWAY TO OTHER COUNTRIES



Gah i'm so pissed off right now...
 
#19
drain_sniffer said:
parapauk said:
drain_sniffer said:
parapauk said:
Extremist said:
£40-50 Billion = Cost of servicing Gordon Brown's National Debt (This year alone).

£60-70 Billion = Cost of servicing Gordon Brown's National Debt (projected next year).

£70-80 Billion = Cost of servicing Gordon Brown's National Debt (projected 2 years on).


£39.6 billion = MOD Budget

£197 billion = Welfare budget = 5 times that of MOD.


The point is: The interest on Gordon Brown's borrowing costs more than national defence, and welfare payments are 5 times what is spent on national defence.

Before Sven, Ashie or Puke open their gobs - this data comes directly from the ONS website, and the rest is based on the rather reliable projections of growth in public debt being put out by every newspaper, research organisation the like.
I'd suggest you give up your personal insults (they are the sign of a weak mind) and instead take a look at US, Japanese, German, French, Italian and Belgium debt and projected debt figures to give yourself some perspective.
But as a % of GDP, those figures are not as serious as ours. Also France and Germany are now out of recession.......notice we are not. Yet again, you don't tell the truth, much like your beloved party
Er, I think you'll find they are!
well, reference them then Gordon and let everyone see for themselves. Or
US national debt: 90.4% of GDP as of now:
http://en.wikipedia.org/wiki/United_States_public_debt#History

Japan national debt: pushing 200% of GDP:
http://www.independent.co.uk/news/business/news/japan-emerges-from-slump-1773554.html

German National Debt: about 90% by the end of his year:
http://news.xinhuanet.com/english/2009-07/21/content_11747616.htm

French national debt: 66% as of Oct 2007, so god knows what now
http://www.cafebabel.com/eng/article/22420/ecofin-brussels-vs-france-national-debt.html

Belgium national debt: 90% of GDP as of Oct 2007, so god knows what now http://www.nytimes.com/2007/09/20/world/europe/20iht-belgium.4.7587757.html
 
#20
parapauk said:
US national debt: 90.4% of GDP as of now:
http://en.wikipedia.org/wiki/United_States_public_debt#History

Japan national debt: pushing 200% of GDP:
http://www.independent.co.uk/news/business/news/japan-emerges-from-slump-1773554.html

German National Debt: about 90% by the end of his year:
http://news.xinhuanet.com/english/2009-07/21/content_11747616.htm

French national debt: 66% as of Oct 2007, so god knows what now
http://www.cafebabel.com/eng/article/22420/ecofin-brussels-vs-france-national-debt.html

Belgium national debt: 90% of GDP as of Oct 2007, so god knows what now http://www.nytimes.com/2007/09/20/world/europe/20iht-belgium.4.7587757.html
The mess other countries have gotten themselves into does not excuse the gross mis-management Gordon has bee responsible for though does it?

The fact remains that Gordon Brown is largely responsible for the financial crash, he blindly walked the whole country into this mess. Whatsmore, he continues to deny any responsiblity for what he has done.
 

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