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Anyone else slighty concerned by our national debt 10:15 - Nov 26 with 1203 viewshype313

And what this is going to mean for all of us for the next 5 -10 years? maybe it's just me being overly worried, but I really think we are looking at some incredibly harsh times on the horizon.

Don't even want to think about factoring in a no deal brexit...

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Anyone else slighty concerned by our national debt on 10:17 - Nov 26 with 828 viewswkj

Im really looking forward to more years of austerity because our country is ready to vote for the right people to make that happen.

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Anyone else slighty concerned by our national debt on 10:17 - Nov 26 with 826 viewsStokieBlue

The only saving grace at the moment is that the cost of debt is ridiculously low.

In normal times it would be a massive worry as you say.

The real problems might come in a few years time when we need to roll the debt, no guarantee of low rates at that point.

SB

“You may not feel outstandingly robust, but if you are an average-sized adult you will contain within your modest frame no less than 7 X 10^18 joules of potential energy—enough to explode with the force of thirty very large hydrogen bombs, assuming you knew how to liberate it and really wished to make a point."

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Anyone else slighty concerned by our national debt on 10:19 - Nov 26 with 808 viewssotd78

We won't be able to buy any players? The cost of football will go down? A pint will no longer need a mortgage? Sky and BT will have to merge to get any subscribers?

Blue shirts/white shorts - sotd78

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Anyone else slighty concerned by our national debt on 10:24 - Nov 26 with 787 viewsGeoffSentence

I think you are being optimistic with your 5-10 years timeframe. The UK government finally paid of debts from the first world war in 2014.

Out damned scot Out I say
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Anyone else slighty concerned by our national debt on 10:38 - Nov 26 with 761 viewsJeanManuelThetis

I am definitely worried as this government is showing all the signs of wanting to pursue aggressive austerity once again, despite it not reducing the debt and shrinking the economy over the last 10 years.

There is a strange obsession with national debt within the Conservative party and much of the UK, like it works as if the country is a regular household. Up to 40% of the UK national debt is owned by the government and borrowing interest rates are at an all time low. If there was huge inflation this could become more of an issue, but is there any chance of this in the short term, without real pay rises or a mass of new jobs magically appearing? Not to mention the general push towards negative rates that have been promoted from all the European banks since well before the pandemic was even a thing.

But as you say, Brexit will be bringing billions and billions of additional expense for the UK, and will contract the economy even further. So the thought of a conservative government tightening the purse strings in a futile desire to reduce the debt they owe to themselves could leave us in a very bleak position.
[Post edited 26 Nov 2020 10:39]
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Anyone else slighty concerned by our national debt on 10:40 - Nov 26 with 754 viewswkj

Anyone else slighty concerned by our national debt on 10:38 - Nov 26 by JeanManuelThetis

I am definitely worried as this government is showing all the signs of wanting to pursue aggressive austerity once again, despite it not reducing the debt and shrinking the economy over the last 10 years.

There is a strange obsession with national debt within the Conservative party and much of the UK, like it works as if the country is a regular household. Up to 40% of the UK national debt is owned by the government and borrowing interest rates are at an all time low. If there was huge inflation this could become more of an issue, but is there any chance of this in the short term, without real pay rises or a mass of new jobs magically appearing? Not to mention the general push towards negative rates that have been promoted from all the European banks since well before the pandemic was even a thing.

But as you say, Brexit will be bringing billions and billions of additional expense for the UK, and will contract the economy even further. So the thought of a conservative government tightening the purse strings in a futile desire to reduce the debt they owe to themselves could leave us in a very bleak position.
[Post edited 26 Nov 2020 10:39]


Billions of debt, but £350m a week extra for the NHS, silver linings.
[Post edited 26 Nov 2020 10:40]

http://www.twitter.com/wkjezz3306
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Anyone else slighty concerned by our national debt on 10:48 - Nov 26 with 725 viewsbaxterbasics

No deal Brexit is predicted to result in a 2.5% ish hit to GDP.

Lockdown hit upwards of 11%

What an utter mistake and overreaction it has been. Worst self imposed disaster any government has done to our country in my lifetime.*

*edit - obviously I refer to the Covid reaction, not Brexit, before any clever clogs say anything.
[Post edited 26 Nov 2020 10:51]

zip
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Anyone else slighty concerned by our national debt on 11:11 - Nov 26 with 682 viewsStokieBlue

Anyone else slighty concerned by our national debt on 10:48 - Nov 26 by baxterbasics

No deal Brexit is predicted to result in a 2.5% ish hit to GDP.

Lockdown hit upwards of 11%

What an utter mistake and overreaction it has been. Worst self imposed disaster any government has done to our country in my lifetime.*

*edit - obviously I refer to the Covid reaction, not Brexit, before any clever clogs say anything.
[Post edited 26 Nov 2020 10:51]


What would you preferred to have happened?

Why have most other countries taken the same course?

It's pretty indisputable to say that lockdowns haven't worked to reduce the infection rates and without them the infections tend to exponential growth and thus a lot of deaths.

SB

“You may not feel outstandingly robust, but if you are an average-sized adult you will contain within your modest frame no less than 7 X 10^18 joules of potential energy—enough to explode with the force of thirty very large hydrogen bombs, assuming you knew how to liberate it and really wished to make a point."

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Anyone else slighty concerned by our national debt on 11:14 - Nov 26 with 668 viewsfooters

Anyone else slighty concerned by our national debt on 10:38 - Nov 26 by JeanManuelThetis

I am definitely worried as this government is showing all the signs of wanting to pursue aggressive austerity once again, despite it not reducing the debt and shrinking the economy over the last 10 years.

There is a strange obsession with national debt within the Conservative party and much of the UK, like it works as if the country is a regular household. Up to 40% of the UK national debt is owned by the government and borrowing interest rates are at an all time low. If there was huge inflation this could become more of an issue, but is there any chance of this in the short term, without real pay rises or a mass of new jobs magically appearing? Not to mention the general push towards negative rates that have been promoted from all the European banks since well before the pandemic was even a thing.

But as you say, Brexit will be bringing billions and billions of additional expense for the UK, and will contract the economy even further. So the thought of a conservative government tightening the purse strings in a futile desire to reduce the debt they owe to themselves could leave us in a very bleak position.
[Post edited 26 Nov 2020 10:39]


Exactly this. I'm only worried about our national debt because of the ways in which the Tories will try to claw it back. Instead of increasing corporation tax and the like, they've already begun to demonise the public sector and its workers. Punching down, as always. The poorest and most vulnerable in society will once again be left to foot the bill, while those who can most afford it are offered incentives to stay, as if they would have left in the first place.

Total shambles.

#VoteLabour

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Anyone else slighty concerned by our national debt on 11:16 - Nov 26 with 665 viewshomer_123

Anyone else slighty concerned by our national debt on 11:11 - Nov 26 by StokieBlue

What would you preferred to have happened?

Why have most other countries taken the same course?

It's pretty indisputable to say that lockdowns haven't worked to reduce the infection rates and without them the infections tend to exponential growth and thus a lot of deaths.

SB


I still think people don't realise this was always going to be a no win situation.

There isn't (and never was) a perfect solution.

The vaccines have, quite frankly, come way faster than I thought they would as well.

Ade Akinbiyi couldn't hit a cows arse with a banjo...
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Anyone else slighty concerned by our national debt on 11:17 - Nov 26 with 657 viewsthebooks

Debt to whom?
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Anyone else slighty concerned by our national debt on 11:17 - Nov 26 with 657 viewsTieDyedIn95

I do find it funny that the Tories and Tory voters seem to think they aren't the tax and spend Party and Labour is, when the Tories have tax and spent on a level to would shame some of most hardcore left wing proposed spending projects.

It's also funny how when it's the working class needing additional help there's no magic money tree, but as soon as the middle class are threatened they are happy to start dishing out whether it be furlough or whatever. Their voters can't see the wrong in that because in their minds us poor are lesser humans anyway, we're just more meat for the grinder.

They are vote buying big spenders just the same, there's no consideration for the young or tomorrow - just spending today and leave it be the problem of others. If you want to wind up a Tory call them Blue Labour or Lib Dems in blue rosettes.

Football League First Division / Premier League Champions (1): 1961–62 - Runners-up (2): 1980–81, 1981–82 Football League Second Division / EFL Championship Champions (3): 1960–61, 1967–68, 1991–92 - Play-off winners (1): 1999–2000 Football League Third Division / EFL League One Champions (2): 1953–54, 1956–57 - Southern League Champions (1): 1936–37 FA Cup Winners (1): 1977–78 - Texaco Cup Winners (1): 1972–73 UEFA Cup / UEFA Europa League Winners (1): 1980–81
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Anyone else slighty concerned by our national debt on 11:17 - Nov 26 with 657 viewswkj

Anyone else slighty concerned by our national debt on 11:16 - Nov 26 by homer_123

I still think people don't realise this was always going to be a no win situation.

There isn't (and never was) a perfect solution.

The vaccines have, quite frankly, come way faster than I thought they would as well.


Maybe it is No Win, but sure as heck didn't have to be "How can we completely lose" EatOutToHelpOut, case and point.

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Anyone else slighty concerned by our national debt on 11:18 - Nov 26 with 653 viewsSwansea_Blue

Anyone else slighty concerned by our national debt on 10:17 - Nov 26 by StokieBlue

The only saving grace at the moment is that the cost of debt is ridiculously low.

In normal times it would be a massive worry as you say.

The real problems might come in a few years time when we need to roll the debt, no guarantee of low rates at that point.

SB


Yes this. Also a lot of covid response money has been new money generated through BoE QE rather than borrowed on the markets. Not sure of the amount, but I think it's significant - getting on for half a billion or so this year alone.

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Anyone else slighty concerned by our national debt on 11:20 - Nov 26 with 644 viewsJ2BLUE

It will never be repaid.

Does anyone really think that countries like us and America can ever repay these figures? We will push it until it can't be pushed anymore and then they'll be some sort of global reset.

For countries. Not individuals.

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Anyone else slighty concerned by our national debt on 11:21 - Nov 26 with 635 viewsclive_baker

Over 100% of GDP now. We're certainly facing into another decade of austerity, which is bound to hit the pockets of everyone as well as funding to public services.

National debt is the equivalent to c.£30k for every man, woman & child in the UK. Bonkers really, but then what choice have we had over the past 9 months? I think on balance Rishi Sunak is about the only one in government that comes out of this with any credit, the financial interventions to help protect incomes has been quite impressive.

The only consolation is it could be worse I suppose, look at France.

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Anyone else slighty concerned by our national debt on 11:22 - Nov 26 with 626 viewsPendejo

Don't panic!

I have seen a job advertised on the Civil Service website, it's WFH, flexible hours, company van, company provided tools, including laptop with met office linkage.

All you have to do is chase rainbows and dog up the pots of gold, of course that will have a temporary detrimental effect on the price of gold... But hey it's a job with a lot of prospects...

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Anyone else slighty concerned by our national debt on 11:22 - Nov 26 with 626 viewsDarth_Koont

Anyone else slighty concerned by our national debt on 10:38 - Nov 26 by JeanManuelThetis

I am definitely worried as this government is showing all the signs of wanting to pursue aggressive austerity once again, despite it not reducing the debt and shrinking the economy over the last 10 years.

There is a strange obsession with national debt within the Conservative party and much of the UK, like it works as if the country is a regular household. Up to 40% of the UK national debt is owned by the government and borrowing interest rates are at an all time low. If there was huge inflation this could become more of an issue, but is there any chance of this in the short term, without real pay rises or a mass of new jobs magically appearing? Not to mention the general push towards negative rates that have been promoted from all the European banks since well before the pandemic was even a thing.

But as you say, Brexit will be bringing billions and billions of additional expense for the UK, and will contract the economy even further. So the thought of a conservative government tightening the purse strings in a futile desire to reduce the debt they owe to themselves could leave us in a very bleak position.
[Post edited 26 Nov 2020 10:39]


Indeed.

I think it’s not the debt we need to worry about so much as what can and probably will be justified in its name. The debt will provide excellent cover for dismantling the state, putting more pressure on local authorities while denying them the necessary resources and generally releasing government and its friends from responsibility.

F*cking over the poor and vulnerable as well as outsourcing society’s needs to private enterprise look to be inevitable.
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Anyone else slighty concerned by our national debt on 11:23 - Nov 26 with 621 viewswoiii

Anyone else slighty concerned by our national debt on 11:11 - Nov 26 by StokieBlue

What would you preferred to have happened?

Why have most other countries taken the same course?

It's pretty indisputable to say that lockdowns haven't worked to reduce the infection rates and without them the infections tend to exponential growth and thus a lot of deaths.

SB


-Vulnerable groups should have been properly isolated
-All travel in and out of the country should have been subject to two week quarantine (proper quarantine, not just at home) from day 1.
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Anyone else slighty concerned by our national debt on 11:35 - Nov 26 with 597 viewsgiant_ullaa

Anyone else slighty concerned by our national debt on 10:48 - Nov 26 by baxterbasics

No deal Brexit is predicted to result in a 2.5% ish hit to GDP.

Lockdown hit upwards of 11%

What an utter mistake and overreaction it has been. Worst self imposed disaster any government has done to our country in my lifetime.*

*edit - obviously I refer to the Covid reaction, not Brexit, before any clever clogs say anything.
[Post edited 26 Nov 2020 10:51]


THink I read something in the telegraph of all places refuting that.

The *temporary* hit caused by Covid reactions will be larger than the temporary cost of Brexit. But 10 years or so down the line, Brexit is projected to have culmatively cost the economy c.8% growth compared to where we could have been, compared to 2% for Covid.

Don;t ask me to find the link!

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Anyone else slighty concerned by our national debt on 11:41 - Nov 26 with 581 viewsPaul_Knows

Just a random question, but is there any country in the world that isn't in national debt? Just intrigued really.

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Anyone else slighty concerned by our national debt on 11:41 - Nov 26 with 579 viewsSwansea_Blue

Anyone else slighty concerned by our national debt on 10:48 - Nov 26 by baxterbasics

No deal Brexit is predicted to result in a 2.5% ish hit to GDP.

Lockdown hit upwards of 11%

What an utter mistake and overreaction it has been. Worst self imposed disaster any government has done to our country in my lifetime.*

*edit - obviously I refer to the Covid reaction, not Brexit, before any clever clogs say anything.
[Post edited 26 Nov 2020 10:51]


Different time scales.

That 2.5% hit (to 3.9% depending on which models are looked at) is predicted for next year only. Brexit will continue to cost for years after that as well, with a no deal likely to end up having a bigger impact than Covid this year (best guess of course, but it's been discussed this week). Not to mention the costs so far which have been estimated at somewhere between 1-2% of GDP per year since 2016.

A deal isn't going to be that much better either because of all the extra costs associated with leaving the SM and CU and the extra customs checks.

The govt haven't responded well to Covid-19 for sure. The virus isn't self imposed though, even if it could have been handled better (and better means stricted measures and better protections for individuals and businesses). Brexit is entirely self-imposed though, despite multiple warnings from all quarters.

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Anyone else slighty concerned by our national debt on 11:41 - Nov 26 with 577 viewswkj

Anyone else slighty concerned by our national debt on 11:41 - Nov 26 by Paul_Knows

Just a random question, but is there any country in the world that isn't in national debt? Just intrigued really.


Eastbourne

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Anyone else slighty concerned by our national debt on 11:42 - Nov 26 with 562 viewsfooters

Anyone else slighty concerned by our national debt on 11:41 - Nov 26 by Paul_Knows

Just a random question, but is there any country in the world that isn't in national debt? Just intrigued really.


Norway, I believe.

They nationalised their oil industry and used the profits for the people. Now, isn't that a good idea. Shame our supplies have already been squandered.

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Anyone else slighty concerned by our national debt on 11:43 - Nov 26 with 555 viewsfooters

Anyone else slighty concerned by our national debt on 11:41 - Nov 26 by wkj

Eastbourne



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