| UK to run up highest debt interest bill in developed world 09:26 - Jul 25 with 1993 views | DJR |
More evidence of British/Tory exceptionalism and incompetence.
https://archive.ph/0VjyI#selection-1579.0-1579.58
Here are some key extracts from the article.
Roughly a quarter of UK government debt is in the form of so-called index-linked bonds, whose payouts fluctuate in line with inflation, making the country a huge outlier internationally. Italy has the next highest share with 12 per cent of its bonds tied to inflation, while most countries have less than 10 per cent.
The Treasury will spend £110bn on debt interest in 2023, according to a forecast by Fitch. At 10.4 per cent of total government revenue, that would be the highest level of any high-income country.
In contrast, the average among western Europe and North American countries is set to fall from 4 per cent in the five years to 2021, to 3.7 per cent this year, as inflation has boosted government revenues and in some countries the debt expiring had higher interest rates than new debt issued.
And it's not as though other countries have not gone through the Great Recession, the pandemic and the war in Ukriaine. The Tories clearly didn't fix the roof while the sun was shining. And all we have is crumbling public services to show for it. [Post edited 25 Jul 2023 9:31]
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| UK to run up highest debt interest bill in developed world on 09:30 - Jul 25 with 1945 views | chicoazul |
Well I did tell you all this would happen when they shut the economy down. Inflation and higher taxes were inevitable.
But it doesn’t really matter. We are getting ever closer to adopting modern monetary theory and in fact you can argue it’s already here. |  |
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| UK to run up highest debt interest bill in developed world on 09:32 - Jul 25 with 1931 views | DJR |
| UK to run up highest debt interest bill in developed world on 09:30 - Jul 25 by chicoazul |
Well I did tell you all this would happen when they shut the economy down. Inflation and higher taxes were inevitable.
But it doesn’t really matter. We are getting ever closer to adopting modern monetary theory and in fact you can argue it’s already here. |
But other countries did the same and are not suffering like we are on many fronts. | | | |
| UK to run up highest debt interest bill in developed world on 09:35 - Jul 25 with 1917 views | Keno |
| UK to run up highest debt interest bill in developed world on 09:30 - Jul 25 by chicoazul |
Well I did tell you all this would happen when they shut the economy down. Inflation and higher taxes were inevitable.
But it doesn’t really matter. We are getting ever closer to adopting modern monetary theory and in fact you can argue it’s already here. |
Hasn't it been here since the 30's with the New Deal policies post recession
To a degree they where 'hidden' in Europe by the depending on arms in the lead up to WW2
maybe its time to declare war one someone |  |
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| UK to run up highest debt interest bill in developed world on 09:38 - Jul 25 with 1901 views | Keno |
| UK to run up highest debt interest bill in developed world on 09:32 - Jul 25 by DJR |
But other countries did the same and are not suffering like we are on many fronts. |
we have loaded/leveraged our debt by having a higher proportion linked to inflation, which was perhaps a little naive when you think back to the forecasts inflation would rise
there is also the B word (not Boris) which whatever the rights and wrongs had adversely affected the workforce led to a slowly down/shrinking of the economy at the time your underlying policy needs growth | |
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| UK to run up highest debt interest bill in developed world on 09:39 - Jul 25 with 1886 views | SuperKieranMcKenna |
I’ve flagged this before, and is exactly why Labour will have their hands tied when they get in at the next election. Another point to add, is the Conservatives have presided over two sovereign credit rating downgrades (one of which was BEFORE the pandemic), thus making any further borrowing more expensive.
That said our debt to GDP ratio is still lower than some of our Western European peers, so there is some wriggle room if we borrow to invest (eg state owned renewable energy ASSETS). Any unfunded tax cuts and spending will just see the market react as it did with Truss. |  | | |
| UK to run up highest debt interest bill in developed world on 09:44 - Jul 25 with 1862 views | tractordownsouth |
National debt has more than doubled with the Tories. Even without covid, we’d still be significantly worse off and it’s not as if we have improved public services to show for it. Incredible that they’re still seen by many as the party of economic competence. |  |
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| UK to run up highest debt interest bill in developed world on 09:50 - Jul 25 with 1843 views | DJR |
| UK to run up highest debt interest bill in developed world on 09:39 - Jul 25 by SuperKieranMcKenna |
I’ve flagged this before, and is exactly why Labour will have their hands tied when they get in at the next election. Another point to add, is the Conservatives have presided over two sovereign credit rating downgrades (one of which was BEFORE the pandemic), thus making any further borrowing more expensive.
That said our debt to GDP ratio is still lower than some of our Western European peers, so there is some wriggle room if we borrow to invest (eg state owned renewable energy ASSETS). Any unfunded tax cuts and spending will just see the market react as it did with Truss. |
They certainly will have their hands tied, given they are not prepared to raise taxes, which is what I would advocate.
As it is, unfunded spending on the NHS during the pandemic actually boosted growth (eg. an increase in the roll-out of covid vaccination boosted growth, and vice versa). And the following suggests spending on the NHS could more than pay for itself.
https://www.ft.com/content/19d2989b-e078-464e-b2fa-76243cfb44c8
So, whilst I am no economist, I am inclined to think there is a case for some unfunded spending, if the case is well made and costed, given the wriggle room you mention. But Truss proceeded totally recklessly, and has certainly made things more difficult. [Post edited 25 Jul 2023 10:04]
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| UK to run up highest debt interest bill in developed world on 09:54 - Jul 25 with 1816 views | Herbivore |
World leading interest rates. |  |
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| UK to run up highest debt interest bill in developed world on 09:55 - Jul 25 with 1817 views | GlasgowBlue |
So probably not the best time for the opposition to promise wild uncosted spending plans, and instead take a fiscally more sensible position? |  |
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| UK to run up highest debt interest bill in developed world on 09:56 - Jul 25 with 1812 views | chicoazul |
| UK to run up highest debt interest bill in developed world on 09:39 - Jul 25 by SuperKieranMcKenna |
I’ve flagged this before, and is exactly why Labour will have their hands tied when they get in at the next election. Another point to add, is the Conservatives have presided over two sovereign credit rating downgrades (one of which was BEFORE the pandemic), thus making any further borrowing more expensive.
That said our debt to GDP ratio is still lower than some of our Western European peers, so there is some wriggle room if we borrow to invest (eg state owned renewable energy ASSETS). Any unfunded tax cuts and spending will just see the market react as it did with Truss. |
I suppose that “markets reacting” will be fine though since TWTD was very happy last time that happened. | |
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| UK to run up highest debt interest bill in developed world on 17:47 - Jul 25 with 1563 views | factual_blue |
WEE R DER BEZT A GAIN!
ROOL BRETANYA! |  |
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| UK to run up highest debt interest bill in developed world on 18:08 - Jul 25 with 1520 views | HARRY10 |
| UK to run up highest debt interest bill in developed world on 09:30 - Jul 25 by chicoazul |
Well I did tell you all this would happen when they shut the economy down. Inflation and higher taxes were inevitable.
But it doesn’t really matter. We are getting ever closer to adopting modern monetary theory and in fact you can argue it’s already here. |
i think you overstate the disastrous effects of Brexit.
It has not shut down the economy as yet, merely put shackles on exporters, restrained UK based coma ponies from employing the much needed staff and is now adding to the cost of imports.
I doubt it will eventually lead to the shutting down of the country ether, as the UK is already moving back towards the EU. It just needs to speed up a bit. | | | |
| UK to run up highest debt interest bill in developed world on 18:49 - Jul 25 with 1484 views | chicoazul |
| UK to run up highest debt interest bill in developed world on 18:08 - Jul 25 by HARRY10 |
i think you overstate the disastrous effects of Brexit.
It has not shut down the economy as yet, merely put shackles on exporters, restrained UK based coma ponies from employing the much needed staff and is now adding to the cost of imports.
I doubt it will eventually lead to the shutting down of the country ether, as the UK is already moving back towards the EU. It just needs to speed up a bit. |
Talking about the pandemic Harold. Not Brexit. | |
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| UK to run up highest debt interest bill in developed world on 18:52 - Jul 25 with 1469 views | Pinewoodblue |
| UK to run up highest debt interest bill in developed world on 18:08 - Jul 25 by HARRY10 |
i think you overstate the disastrous effects of Brexit.
It has not shut down the economy as yet, merely put shackles on exporters, restrained UK based coma ponies from employing the much needed staff and is now adding to the cost of imports.
I doubt it will eventually lead to the shutting down of the country ether, as the UK is already moving back towards the EU. It just needs to speed up a bit. |
Coma ponies? |  |
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| UK to run up highest debt interest bill in developed world on 18:58 - Jul 25 with 1449 views | SuperKieranMcKenna |
| UK to run up highest debt interest bill in developed world on 18:52 - Jul 25 by Pinewoodblue |
Coma ponies? |
I reckon he’s taken a few of them. Would explain some of his gibberish… | | | |
| UK to run up highest debt interest bill in developed world on 20:06 - Jul 25 with 1369 views | HARRY10 |
| UK to run up highest debt interest bill in developed world on 18:49 - Jul 25 by chicoazul |
Talking about the pandemic Harold. Not Brexit. |
Ah yes. The lunatic idea of allowing COVID to run amok. Or as Johnson put it. Let the bodies pile up.
Thankfully someone explained to the bloated cretin the almost certain consequences of this nonsense would be having plague pits, hospitals swamped and medical staff dying in their thousands.
Which of course would have had absolutely no impact on factories, businesses, ships etc
Ask wee Jock Mc Cranky who as well as predicting King Arthur returning (?) tells KGB vews adherents that covid was a distraction by the illuminati to distract us from something. He and us are not aware of. The flawed logic there is only missed by dimwitted righties. *
* there are other types of righties ? | | | |
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