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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...
is there any country in the world who is not in debt ? never gave it much thought before but who do we owe the money to? is it banks . the banks who some were bailed out with money from the government, who had borrowed from a bank.
forensic experts say footers and spruces fingerprints were not found at the scene after the weekends rows
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Anyone else slighty concerned by our national debt on 11:48 - Nov 26 with 577 views
Anyone else slighty concerned by our national debt on 11:21 - Nov 26 by clive_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.
What is the problem with national debt? Especially at the moment with virtually 0% interest rates. No one ever says taking a mortgage out is risky, it is the responsible way of buying a house allowing you to have more money to spend on day-to-day things.
I'm not sure how Rishi Sunak is managing to get any credit at all. I suppose he speaks clearly and wears a nice suit, but I am yet to see any forward thinking economics from him other than subsiding middle class people to eat at Nando's and excluding 2-3 million self employed people from support on the grounds of avoiding fraud.
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Anyone else slighty concerned by our national debt on 15:25 - Nov 26 with 532 views
Anyone else slighty concerned by our national debt on 12:29 - Nov 26 by JeanManuelThetis
What is the problem with national debt? Especially at the moment with virtually 0% interest rates. No one ever says taking a mortgage out is risky, it is the responsible way of buying a house allowing you to have more money to spend on day-to-day things.
I'm not sure how Rishi Sunak is managing to get any credit at all. I suppose he speaks clearly and wears a nice suit, but I am yet to see any forward thinking economics from him other than subsiding middle class people to eat at Nando's and excluding 2-3 million self employed people from support on the grounds of avoiding fraud.
It's all very well that interest rates are low (at the moment), but like a mortgage, you still need to consider the cost of and ability to servicing the debt , which will stand at about 5% of GDP.
The higher the debt becomes, the more expensive it'll be to get from lenders as the risk increases, hence Italy pay significantly more for their debt than Germany. At a time where Brexit uncertainty looms, I would think the UK is fairly high on the risk profile.
I don't disagree about lending more generally, it's not a dirty word and if invested wisely can drive improvements and efficiencies but it's important to be mindful that it remains at sustainable levels. I wouldn't be surprised if the UK's national debt payments next year are 10% of government tax income if nothing changes. Ultimately all it's going to lead to tax hikes and cuts in public spending.
Anyone else slighty concerned by our national debt on 12:29 - Nov 26 by JeanManuelThetis
What is the problem with national debt? Especially at the moment with virtually 0% interest rates. No one ever says taking a mortgage out is risky, it is the responsible way of buying a house allowing you to have more money to spend on day-to-day things.
I'm not sure how Rishi Sunak is managing to get any credit at all. I suppose he speaks clearly and wears a nice suit, but I am yet to see any forward thinking economics from him other than subsiding middle class people to eat at Nando's and excluding 2-3 million self employed people from support on the grounds of avoiding fraud.
The mortgage comparison doesn't really worked.
Mortgages are capped by the bank at what you can realistically afford. National debt is only capped by the appetite of investors to buy it and even then it can be virtually limitless assuming you are willing to offer a higher coupon.
The real problem comes when you have to pay back the debt. Here what usually happens is it's rolled but if the debt was issued at 0.3% and the new debt has to be issued at 3% then you have more serious issues.
SB
Avatar - IC410 - Tadpoles Nebula
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Anyone else slighty concerned by our national debt on 15:42 - Nov 26 with 507 views
Anyone else slighty concerned by our national debt on 15:37 - Nov 26 by StokieBlue
The mortgage comparison doesn't really worked.
Mortgages are capped by the bank at what you can realistically afford. National debt is only capped by the appetite of investors to buy it and even then it can be virtually limitless assuming you are willing to offer a higher coupon.
The real problem comes when you have to pay back the debt. Here what usually happens is it's rolled but if the debt was issued at 0.3% and the new debt has to be issued at 3% then you have more serious issues.
SB
You seem to be completely missing the role of the APF or are you making the same assumption as Paul Johnson?
There is a piece in the National on Laura Kuenssberg's nonsense about maxed out credit cards.
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]
The Governor of the Bank of England thinks that a no deal Brexit will cost us far more than Covid. Unlike you, he knows his onions when it comes to this kind of thing. And that's even without the rather crass implication that the economy is more important than saving lives.
Anyone else slighty concerned by our national debt on 11:41 - Nov 26 by Kieran_Knows
Just a random question, but is there any country in the world that isn't in national debt? Just intrigued really.
The ones that "lost" the second world war and pursued a policy of pacifism and rebuilding their political system using a representative and modern democratic system. The "winners" stuck with the status quo, cos they won.
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Anyone else slighty concerned by our national debt on 20:35 - Nov 26 with 406 views
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]
Shouldn’t be a surprise, it’s a tried and tested Tory formula only this time, they have a nation gripped by fear, an invisible enemy to use as their emotive rhetoric to push through whatever they deem fit.
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