Sunday, Jul 12, 2009
The UK has no more money. It's all gone on propping up house prices and quangos
Telegraph: UK can't afford another fiscal rescue, warns IMF
IMF says we don't have enough cash for stimulus plans next year and plans to cut government debt don't go anywhere near far enough. Expect a ratings downgrade soon.
Posted by paul @ 10:09 AM (999 views) Add Comment
4 Comments
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1. stillthinking said...
This is fairly bad news, because in 2010/11 a lot of commercial debt needs to be rolled over. Further mortgage problems will increase as unemployment does, again into 2010 or later.
This country is running on the last credit card in town, and maybe it won't last until the election, in which case all of the politically motivated debt will have been a double mistake, not even being useful for New Labours reelection.
2. hpwatcher said...
This is fairly bad news, because in 2010/11 a lot of commercial debt needs to be rolled over. Further mortgage problems will increase as unemployment does, again into 2010 or later.
This country is running on the last credit card in town, and maybe it won't last until the election, in which case all of the politically motivated debt will have been a double mistake, not even being useful for New Labours reelection.
I am beginning to feel that the UK, really is, is living on borrowed time...
3. uncle tom said...
The UK needs to focus on achieving sustainability, in every economic respect.
Without that there are no magic cures..
..the last thing we need now is political snake oil salesman -
- better that our politicians tell it straight, and plan accordingly.
(not they they are likely to...)
4. alan said...
UT,
Populist politicians are the plague of our time. They know what the problems are and how to fix them...but they also want to get re-elected and "change the UK". I don't think this is helping. All economic moves are in the short term interest of NuLabour, these days.
Spoke to people at a BBQ today. It was all about moving debt onto new cards. Lots of them knew people at work with silly card debts.
Yes, we need a sustainable economy. Will that comment wait till after the election before its voiced by the winner?
If we go to the IMF, how much will IRs go up by? So where will that leave all the people on low mortgae SVRs?