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Spending Review: Osborne To Reveal £11.5Bn In Cuts

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http://www.bbc.co.uk/news/uk-politics-23053693

Chancellor George Osborne is to set out where a further £11.5bn of government cuts will come from, when he lays out his Spending Review later.

Most Whitehall departments face budget reductions of 8% to 10% in 2015-16, but health and schools in England and the overseas aid budget are ring-fenced.

The government says it has made good progress in cutting the budget deficit and that further savings are necessary.

But Labour says the coalition's economic plan has failed.

Mr Osborne will outline the Spending Review, covering the 2015-16 financial year, in the House of Commons from 12:30 BST.

So if you want comedy this afternoon tune in to watch an idiot speak.

Good to know good progress has been made in cutting the deficit, as wasn't last years borrowing only a mere £120bn? I'd call that a success.

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http://www.bbc.co.uk/news/uk-politics-23053693

So if you want comedy this afternoon tune in to watch an idiot speak.

Good to know good progress has been made in cutting the deficit, as wasn't last years borrowing only a mere £120bn? I'd call that a success.

Agreed, it's a farce. Cutting 11 of something from a total of circa 700 is unlikely to produce a dramatic effect.

There is no serious effort to get receipts to balance spending. The gilts thread has a recent post showing the consequences of this- debt dated 2068 has been sold. Thanks, Grandad.

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http://www.bbc.co.uk/news/uk-politics-23053693

So if you want comedy this afternoon tune in to watch an idiot speak.

Good to know good progress has been made in cutting the deficit, as wasn't last years borrowing only a mere £120bn? I'd call that a success.

Real term or nominal term cuts ?

If it's real term, then since the real tax payers are getting paid less this will actually be an INCREASE!!!

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So if you want comedy this afternoon tune in to watch an idiot speak.

Good to know good progress has been made in cutting the deficit, as wasn't last years borrowing only a mere £120bn? I'd call that a success.

It's almost as if a policy of making small semi-random cuts in public spending isn't going to deal with the problem..

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Interesting video and certainly puts the £11.5 billion in perspective as trivial.

Mind you the video claimed that the bank bail outs were about £73 billion which seems a bit on the low side of estimates.

http://

www.independent.co.uk/news/uk/politics/163850bn-official-cost-of-the-bank-bailout-1833830.html

£850bn: official cost of the bank bailout

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Interesting video and certainly puts the £11.5 billion in perspective as trivial.

Mind you the video claimed that the bank bail outs were about £73 billion which seems a bit on the low side of estimates.

Only borrowed money........add it to the slate.

That is a reason why it is not a case of saving the highly indebted mortgage holders, it is more protection of the investors/lenders/country......after all if house prices took a tumble, the mortgage holders would simply walk away from their home worth less than they owed on it to pick up another at half the price and half the debt, no loss to them.....all unencumbered home owners would sell for less and could buy another for less ....reset ;)

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<snip>.after all if house prices took a tumble, the mortgage holders would simply walk away from their home worth less than they owed on it to pick up another at half the price and half the debt, no loss to them.....all unencumbered home owners would sell for less and could buy another for less ....reset ;)

They wouldn't be able to.

If they walk away from a home worth less than they owe, the mortgage lender will come after them for the difference and will note this on their credit history. They won't get a mortgage to "pick up another" because their credit rating will be shot. Oh, and they'll still have to repay the shortfall.

The only way to escape paying the shortfall is to go bankrupt. Then they'll be damn lucky to get a mortgage even after the bankruptcy has been discharged.

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he just said "the global race"

WTF does this mean?

UK wages to fall to BRICS levels while taxes and rents stay the same.

Arithmetically:

2 - 1 = 5

Edited by Dorkins

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They wouldn't be able to.

If they walk away from a home worth less than they owe, the mortgage lender will come after them for the difference and will note this on their credit history. They won't get a mortgage to "pick up another" because their credit rating will be shot. Oh, and they'll still have to repay the shortfall.

The only way to escape paying the shortfall is to go bankrupt. Then they'll be damn lucky to get a mortgage even after the bankruptcy has been discharged.

I see you understand how it actually works

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They wouldn't be able to.

If they walk away from a home worth less than they owe, the mortgage lender will come after them for the difference and will note this on their credit history. They won't get a mortgage to "pick up another" because their credit rating will be shot. Oh, and they'll still have to repay the shortfall.

The only way to escape paying the shortfall is to go bankrupt. Then they'll be damn lucky to get a mortgage even after the bankruptcy has been discharged.

......So the local councils would house them?........how many families would that be?.......cheaper homes meaning less debt would mean lenders would look at each case on its merit, after all they are in the business of lending money to people that DO have a chance in paying it back..... ;)

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......So the local councils would house them?........how many families would that be?.......cheaper homes meaning less debt would mean lenders would look at each case on its merit, after all they are in the business of lending money to people that DO have a chance in paying it back..... ;)

Clearly you fail to grasp the complexity of modern banking with ideals of paying it back... :ph34r: A truly ridiculous statement.

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he just said "the global race"

WTF does this mean?

Every single race I've been in had a defined end point - otherwise, it's not a race. Bad metaphor, or does George know something? :ph34r:

Q

Edited by Quicken

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Clearly you fail to grasp the complexity of modern banking with ideals of paying it back... :ph34r: A truly ridiculous statement.

They were clearly encouraged to lend as much as they could for a regular income, the higher the debt the higher the income.....and the little one said roll over, roll over, so they all rolled over. ;)

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For someone who was widely trailing the savings of £11Bn he would announce, he's throwing around a lot of new, unfunded committments.

A "temperature test" for winter fuel payment claimants based abroad? This guy is as addicted to beaurocracy as Brown.

This guy has no serious ideas for balancing the government books, he's playing with fire.

Seems increasingly likely that a UK recovery will arrive only after a default.

Edited by cheeznbreed

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  • 243 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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