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International Monetry Fund

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The IMF has issued dire warnings that if our Bankruptcies continue unabated that it will have dire effects on the UK economy..

they make reference to the huge £1,100,000,000,000 personal debt crisis.

It is very unusual that the IMF makes reference to a single countries economy.

and is a good reflection on how serious our economic problems are in this country.

The full article is in the Daily Mail today..

I haven't found a link..

Nice to look like the incompetent country in the eyes of the world.

Thanks for that one Gordon..

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Different..

I wasn't aware that the countries defficit was so bad that we are facing action by Europe..

So IMF say that we are in trouble as a country and on a personal level..

So the People and the country .. All finacially crippled by debt..

No recession on the cards then..

Nope...

Can't see why that might happen..

Anyone want to buy shares in Tescoes, Next, the Dixons group... or any high street shop...?

Didn't think so..

and why..?

Because a great deal of the population can't afford to shop there anymore.. so chances are they wouldn't have enough moeny to buy shares,,

Even if it wasn't financial suicide to do so..

So..where do I invest...?

Shares mentioned above...? Nope..

BTL property>? Nope...

My own house....? Nope.. not just yet..

Bank account...? nope.. Interest rates are still rubbish..

Pension.........? I wish..

Motorbikes...?

now there is a plan here..

a new bike..

Seems that as I have no debt.. I can afford to.. and look they all have massive discounts...

as do cars..

Alfa Romeo where offering 25 % of new cars..

Mewers are all in trouble..

The IMF is shouting at us all..

and I am very glad that I have stayed rentin and paying for my life from my salary

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Hang on a minute, am I not right in saying France and Italy have both brocken the pact with no consequences, why get all heavy with us.

Beware of the IMF, they've smashed up the economies of loads of countries. :(

Edited by deano

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Hang on a minute, am I not right in saying France and Italy have both brocken the pact with no consequences, why get all heavy with us.

Because they know Italy and France will just ignore them :).

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Hang on a minute, am I not right in saying France and Italy have both brocken the pact with no consequences, why get all heavy with us.

Beware of the IMF, they've smashed up the economies of loads of countries. :(

Chances are we managed to achieve this all on our lonesome..

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So they don't want people to go brankrupt? They want people to continue to struggle with their debt?

Sounds fair enough...

Harsh.. but fair.. Personal responsibility..

Got to feel a little sorry for them..

Well some of them my heart will break for..

Others I will giggle at..

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Guest Charlie The Tramp

This is a much clearer article on how the big bang is getting closer. <_<

Warning over £1 trillion mountain of debt

Edmund Conway and Becky Barrow, Daily Mail

16 September 2005

BRITAIN'S £1trillion personal debt mountain may be starting to fall apart with dire consequences for millions of households, the International Monetary Fund warned yesterday.

The highly-respected economic watchdog sounded the alarm over the recent record increase in personal bankruptcies.

They rose by 37% to 11,195 between April and June compared to the same period last year, according to government figures.

The IMF's experts said that if the increase in bankruptcies continued, it would be a serious threat to the UK economy.

Their warning is made all the more chilling because the IMF rarely singles out one country in its report pinpointing the biggest threats to the global economy. This means that its decision to focus on Britain is even more worrying.

The report said that households in many countries are in severe debt, but only in the UK has this resulted in more 'delinquencies' - its term for bankruptcies and debt defaults. It warned of 'some potential vulnerability in household balance sheets' - in other words, millions are spending more than they are earning.

In its closely-watched Financial Stability Report, the IMF said this could be an early sign that the £1trillion owed by British families - which includes mortgages - is at last proving too heavy a burden to bear.

With banks, including Lloyds TSB and Royal Bank of Scotland, making provisions of £ 3billion for possible bad debts in the coming year, the IMF's experts said Britain's debt problem shows little sign of improving.

Numbers of bankruptcies in England and Wales have soared in recent years as more people are unable to cope with their debts. The IMF report follows a recent warning from the Bank of England about dangerously high levels of credit card debt. Some banks are continuing to lend money at steep rates of interest, it said in its economic survey.

Indebted families will suffer and the knockon effects could drag share prices down and even push the country close to recession. The IMF warned that the average family's debt is one and a half times what they earn in a year.

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"Moreover, the UK economy is performing well compared with most of those in the eurozone, and the Government says that money is being borrowed to invest in infrastructure."

Is it... I haven't been paying attention to public spending for the last few years ... been too busy. We might have increased public expenditure, that I don't doubt.... but has it really gone on "infrastructure"?

I've seen a few academy schools go up, but they're merely building new schools round the corner from the old ones... an expensive move given all associated costs... would it not be more cost-effective to refurbish and reorganise the existing school? Are they really going to be that different, given the same students, same area, probably largely the same employees, just a different financial pot to draw from and a slighlty different governance?

Also, additional NHS spending, and schools spending.. has this really filtered down to grass roots, or did the cash peter out a middle management level, and additional bureaucracy?

Are there new roads being built? Are we re-investing in our canal networks? Are we putting money into now private railway networks....

Can someone more knowledgeable tell me? Help! Or is GB in a fantasy world?

cheers.

edited to add that I also hear reports about whole streets of 1900's housing being pulled down to build new housing... surely that cannot be cost-effective? 1900's housing was of a great building stanndard and workmanship at a time when this country had great resources... it could last several hundred years more. Surely the demolition and rebuild costs are more than refurbishment? I don't get it.

Edited by xian

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Also, additional NHS spending, and schools spending.. has this really filtered down to grass roots, or did the cash peter out a middle management level, and additional bureaucracy?

Read some time ago that the difference between the NHS and the French health system (which is superb) is that the French spend 48% of their funding on adminstration whereas the British spend about 52%. The British sytem is slightly more expensive than the French system but not enough to negate the figures. Amazing what a 4% shift in funding can do. (what? Cleaners in the corridors?)

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Read some time ago that the difference between the NHS and the French health system (which is superb) is that the French spend 48% of their funding on adminstration whereas the British spend about 52%.  The British sytem is slightly more expensive than the French system but not enough to negate the figures.  Amazing what a 4% shift in funding can do.  (what?  Cleaners in the corridors?)

wow... imagine what that 4% could buy in terms of cleaners and MRSA issues....

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I am not sure whether you are serious or not, but 4% is a lot when you are talking billions.

agree absolutely. Am serious. And apart from cleaners, also am imagining the various other things the 4% could buy. :blink:

Edited by xian

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I am not sure whether you are serious or not, but 4% is a lot when you are talking billions.

10% is alot when yoru talking thousands aswell :lol: Ive got shares in a debt management company that specialise in IVA's - lost c. 10% last week. I wonder what impact this _knowledge_ has had on them. Personally i would of assumed it would of gone the other way but i supposed it depends on what action the IMF take (if any)

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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