UK is going bust

Discussion in 'Current Affairs, News and Analysis' started by armchair_jihad, Sep 13, 2006.

  1. less than 2

  2. more than 3

    0 vote(s)
  3. more than 6

  4. none I am a squaddie and thus not entitled


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  1. All those gizmos on hire purchase, all those pricey holidays, all those leveraged homes, are miring Britain in debt that, for some, is unlikely to be sustainable.

    According to Citizens Advice, 750,000 homeowners have missed one or more mortgage payments in the past 12 months. This is a worrying figure, even if the survey is somewhat imprecise. Citizens Advice officers say they have not seen problems on this scale since the depths of the last recession. Many of those who have failed to pay the bills had taken on other debts before they took out a mortgage. And too many young people seem to be victims of their own excess. Thirteen per cent of 21 to 24-year-olds surveyed said that they had missed one or more mortgage payments in the past 12 months.

    Last month Britain’s consumer debt stood at an impressive £1,200 billion. Some of that is destined not to be repaid. Between April and June this year, a record 26,021 borrowers filed for bankruptcy. Debt Free Direct, a debt adviser, has estimated that about two million people are facing serious financial problems. The Financial Services Authority believes that almost three million consumers face a constant struggle to keep up debt repayments

    The Citizens Advice report describes one couple in Gloucestershire who had remorgaged eight times, four times with the same lender, to secure debts of nearly £300,000. No responsible lender should have been party to such delusion; none should encourage endless borrowing by those who have become addicted to credit. But nor can lenders afford to be kind: the UK's five biggest banks have been hit by soaring bad debts, collectively losing about £3.25 billion from bad loans in the first six months of this year.

    Article in full,,542-2355261,00.html
  2. Scary. Never mind, I'll get a council house instead. Hang on....
  3. AlienFTM

    AlienFTM LE Book Reviewer

    I had to chortle a couple of weeks ago when the financial section of the newspaper showed a graph reporting how most of Europe and the USA are running at around 9% growth per annum and the rest of the world around 4%, while the United Kingdom, in the safe financial hands of the Greatest Chancellor of the Exchequer Ever To Walk The Planet, is growing at ...

    hang on...

    I have the figures here somewhere ...

    yes, here they are ...


    Growth? He is effectively keeping us in recession and preventing us from keeping pace with the ROW.
  4. Nehustan

    Nehustan On ROPs

    Ahhh, had me worried for a minute. Thread means people in the UK borrow too much. The UK hasn't been a UK for centuries without war chests to act as balast. Couldn't have the HMS Britain sinking now could we. Scuppered? perhaps....
  5. "Most of Europe and the USA are growing at more than 9% per annum"

    What the **** are you smoking?
  6. Well, Y'see I have this notion that personal credit should be taxed at about 500%.

    Ought to persuade people to live within their means..... :evil: