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[b]Honey wrote:[/b]
[quote][b]Commander wrote:[/b]
[quote]UK borrowing will hit £394 billion this year (the Office for Budget Responsibility says) with the economy shrinking by 11.3% - the worst recession in more than 300 years. Some shrinkage comparisons are US 3.2%; France 9.1%; Germany 5.5%; Italy 9.1%; Japan 5.3% - with the UK, the highest, by some 2%.

The OBR also predicts that a minimum of £100 billion will need to be borrowed, every year, into the middle of the decade. Merely to stop the debt rising, tax rises or spending cuts worth between £21 billion and £46 billion will be required: Adding just 1p to the basic rate of income tax only brings in £6 billion a year.

No other developed country has been hit as severely as the UK and substantial tax rises are inevitable - as are constant borrowing and cuts. Our tax though will only help to pay some of the interest on our massive National Debt: Investment can only come from borrowing!

Luckily, interest rates are currently low - but, if these go up, together with inflation - our destiny is in the lap of the Gods. It will many take generations of careful management, and growth, to put the UK ship on an even keel; if that is even possible.

We can blame whomever we like for our predicament, but we are where we are - with austerity as our lifelong partner. As well as distancing, masks, regulation, vaccinations, travel restrictions - and some more awkward rules we haven't dreamt of yet.[/quote]

I am blaming you. :P   You couldn't wait to lock us all up and close everything down and it hasn't done a blind bit of good![/quote]

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Topic History of: Debt and Tax - the Future
Max. showing the last 5 posts - (Last post first)

Author	Message
Honey	Commander wrote: UK borrowing will hit £394 billion this year (the Office for Budget Responsibility says) with the economy shrinking by 11.3% - the worst recession in more than 300 years. Some shrinkage comparisons are US 3.2%; France 9.1%; Germany 5.5%; Italy 9.1%; Japan 5.3% - with the UK, the highest, by some 2%. The OBR also predicts that a minimum of £100 billion will need to be borrowed, every year, into the middle of the decade. Merely to stop the debt rising, tax rises or spending cuts worth between £21 billion and £46 billion will be required: Adding just 1p to the basic rate of income tax only brings in £6 billion a year. No other developed country has been hit as severely as the UK and substantial tax rises are inevitable - as are constant borrowing and cuts. Our tax though will only help to pay some of the interest on our massive National Debt: Investment can only come from borrowing! Luckily, interest rates are currently low - but, if these go up, together with inflation - our destiny is in the lap of the Gods. It will many take generations of careful management, and growth, to put the UK ship on an even keel; if that is even possible. We can blame whomever we like for our predicament, but we are where we are - with austerity as our lifelong partner. As well as distancing, masks, regulation, vaccinations, travel restrictions - and some more awkward rules we haven't dreamt of yet. I am blaming you. You couldn't wait to lock us all up and close everything down and it hasn't done a blind bit of good!
Wyot	Commander wrote: Wyot wrote: Our economy is now beyond help for generations this is a direct result of the response and approach to C19 A generation is 20/30 years - but Covid is around for only 9 months! Please explain. Also advise when exactly our economy became 'beyond help'. I don't need to do anything other than refer you to your originating post for evidence that the economy is wrecked. This is a peculiar approach to debate: posting long lists of data showing how damaged our economy is, then asking me to justify saying it is damaged? As for your 9 month Covid thing no idea what point you are making sorry.
Commander	Wyot wrote: Our economy is now beyond help for generations this is a direct result of the response and approach to C19 A generation is 20/30 years - but Covid is around for only 9 months! Please explain. Also advise when exactly our economy became 'beyond help'.
Wyot	Commander wrote: We can blame whomever we like for our predicament No, you don't get it that easy Barney. Our economy is now beyond help for generations, and this is a direct result of the response and approach to C19 you have always advocated. Maybe you were right and it has all been worth it and necessary. But you can't have it both ways. The thinking of your camp on this subject has led to economic ruin.
wjlmarsh	It is my hope that the central banks and such like use their money creating positions to cancel many of these debts. When these crises strike the banking system with pressure from governments and the like realize they can easily solve the problems. For example, after the 2007 crisis where US homes were been repossessed then the obvious dawned that people could stay in their homes and the mortgage interest rate was dropped maybe to zero in some instances (Do not know exact details) But they suddenly found out everybody wins. People keep their homes, the banks do not sell off at a huge lost etc. Now world economies face a similar opportunity. At one time the Bank of England did not think they could lower interest rates to such a low level. Something like 300 years plus before the bank considered it could do more. Just a little slow to see the obvious.