Monday, Jun 14, 2010
Britain faces decades of debt unless public spending is cut, warns Nick Clegg as watchdog will today
Mail Online: Britain faces decades of debt unless public spending is cut, warns Nick Clegg as watchdog will today downgrade Labour's growth forecasts
Britain faces 'decades of debt' unless it acts to cut public spending now, Nick Clegg will warn today. Oh and our debt obligation is £78K each
Posted by sosoon @ 07:00 AM (706 views) Add Comment
6 Comments
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1. mr g said...
It's amazing how 5 weeks in the corridors of power has changed LibDem thinking.
2. tom101 said...
Makes you understand why tax evasion is so rife in Spain, Greece and Portugal. Why allow governments the opportunity to simply squander your money?
3. mr g said...
As I type this, the advert at the top of the page reads:
"The new government insolvency scheme, pay back £20K in 5 years at less than £200 per month" Visit DirectDebtAdvice.co.uk
£200 per month for 5 years = £12000 in total, how the hell does that equate to paying back £20K??
Another legacy of Gordon's?
4. nickb said...
What absolute nonsense this article is. Britons have always "faced decades of debt"; no-one was much concerned about it before, quite rightly since we are always in a position to meet debts denominated in pounds... because we issue the pound. Japan has far higher levels of debt that we do and has been carrying them for a long time. It's hysteria being used to crash and burn the state, forcing through a small government neoliberal agenda of privatisation, deregulation and spending cuts that the electorate would rightly reject in normal circumstances.
Nick
5. simon68 said...
“no-one was much concerned about it before, quite rightly since we are always in a position to meet debts denominated in pounds………..”
You are quite right and Mafoff is having the same thought too. If no one discovers his fraudulent investment scheme he is still a billionaire now and no need to go to jail to serve 150 years imprisonment sentence.
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. The amount missing from client accounts, including fabricated gains, was almost $65 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
6. simon68 said...
It's hysteria being used to crash and burn the state………………
Brilliant idea if the fools never wake up.