Friday, Feb 15, 2008
We're all doomed Mr Mainwairing...
Guardian: Treasury debt is twice Chancellor's 'sustainable' figure, says think-tank
By knowing what Gordon Brown has signed us all up for - we can each make plans and try to look after our families as best we can. Alternatively, some of us can bury our heads in the sand and hope it all goes away...
"Gordon Brown has hidden liabilities worth more than £500bn, and the true size of the public debt is up to 87 per cent of GDP, more than twice the Treasury's 'sustainable' limit, according to the Institute for Fiscal Studies.
Using the government's calculations for the cost of public sector pensions, private finance initiative schemes, and Network Rail's debt, which the Treasury guarantees, the think-tank has reached a total figure of more than £1,100bn - twice what the Treasury admits to."
Posted by cornishman @ 04:40 PM (1914 views) Add Comment
24 Comments
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1. mark wadsworth said...
Have they bunged in £20 bn for potential losses on Northern Rock?
2. cornishman said...
"Vince Cable, the LibDem Treasury spokesman, said Brown had charged into billions of pounds' worth of PFI deals, with the aim of disguising the true level of government liabilities: 'What's happened is that the government has rushed into PFI deals in order to hide debt.'
- a bit like an alcoholic hiding bottles of drink?
3. Plato said...
I've heard talk of it really being ----- wait for it ------ 100bn at the end of this fiasco. You see this lot are not very good at sums as you've probably all noticed. So we'll likely never know the true figures.
At the end of the day though I would be more inclined to beleive our sums are more accurate Darling. Oh! and Brown : That was pretty ruthless of you to put it all on your suc-cessor. The poor chap doesn't have a clue about what's happening.
4. stillthinking said...
These bills won't get paid. The public funded pensions will be reduced from necessity. I am very ignorant as you all know, but it seems to me that in real terms there isn't enough real value to pay for everything. Inflation sounds good but just moves a problem that won't go away. The electorate as a whole have been quite happy with progress of the Labour government, and while I used to say I was proud to be British, now I am just me in a big aggressive world. I haven't received or expected to receive any help from the UK as a propertyless citizen, and if the sh*t really hits the fan then I will leave the country. Like many I should imagine.
All of the PFI stuff was flagged years ago, as was public sector pensions, and nobody cared.
I see how much money the government squanders first hand, and believe you me it is unbelievable and signed off without a thought. Most public sector workers should be on unemployment benefit.
This is another doom and gloom article and now as a nation we are obviously heading for terrible times, and there is no acceptance of anything at the top, there will be no painful but necessary decisions, and basically there will be nothing but a collapse to the bottom. Maybe the Conservatives are useless (they are), but at least they don't bear the responsibility of wrecking the place.
5. Northernlad said...
who voted them in?
6. Northernlad said...
Irresponsible... with our money!
7. planning4acrash said...
The tories don't dissent because new labour followed tory policies. They are useless in opposition because they don't reveal injustice. So wld b useless in power. Lib dems seem more in touch at the moment.
8. John_coller said...
If you consider the ( 1.1 trillion government debt + 1.4 trillion uk personal debt ) / ( 60 million people - all pensioners, children, students, seeking work, married not working, disabled)
That's about £90,000+ debt burden for the average person earning £20,000.
9. Holding Off said...
Gordon was so keen to keep growth up he didn't care how many of his own rules he broke. Now we are all going to have to pay for it. start digging the veg patch when inflation kicks in!
10. alan said...
If this is true, a lot of angry people will start to emerge quite soon.
Any idea where the first few squibs will go off? ....... Doesn't this "dirty washing" see the light when we do our budgets?
11. denzil said...
p4ac said:
>>The tories don't dissent because new labour followed tory policies.
Government borrowing and debt have grown enormously under Labour. There is no comparison on that score.
12. hpwatcher said...
''The tories don't dissent because new labour followed tory policies. ''
Not entirely sure about that; they took the bad habits of the conservatives and added their own bad habits.
Labour are the party of tax and spend...not you can't accuse the tories of that?
Lib dem aren't a viable opposition. Never will be. Sorry.
13. Maihem said...
@hpwatcher
"Lib dem aren't a viable opposition. Never will be. Sorry."
True, if both main parties continue to just say "Yes! That's a genius idea!" to everything the lib dems come up with, they have nothing to oppose. But they'd make a fantastic government like they were before their policy was to stop stealing from the hard workers of the world at the start of the 20th century when the beneficiaries of the theft (those who could vote on who the British government would be) decided they no longer liked their policies(what a surprise, crims don't like law and order).
That is until the libdems decided to abandon democracy in the whole Charles Kennedy affair ("either Charles Kennedy stands in a vote of confidence or you get a choice - you may not choose between Charles Kennedy and somebody else"). Charles Kennedy forever dude!
14. uncle tom said...
The LibDems have no real direction - they are just good at saying what people want to hear at the time.
The Labour party have shown their true colours - good at PR, hopeless at management, and sleazy to the core.
I don't like Cameron, but can't help feeling that after the sh#t has hit the fan, the best person to sort the mess would be a no-nonsense Tory govt led by Hague
15. Maihem said...
uncle tom, I like Hague and without Charles Kennedy around I'd want a Hague led Tory government.
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