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In 1997 Household Debt Stood At £500bn...now It's £1,158bn

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In 1997 household debt stood at £500bn...now it's £1,158bn

Gordon Brown is now spending most of his time out of the Treasury, laying the ground for his ascension to the top spot. But while he is keen to talk up government initiatives on a range of topics from security to being British, it is his economic legacy on which he will be judged.

Ask City experts to list what he will leave behind as Chancellor and the answers are likely to be the same.

His greatest achievement? The decision in 1997 to grant the Bank of England independence to set interest rates. This radical move meant the Government could no longer use monetary policy to its political advantage, and laid the foundation for low inflation and interest rates.

His worst legacy? The massive debt mountain threatening economic growth.

This comes in two flavours: the huge government deficits generated since 1997 and - more worrying still - the record levels of personal debt facing families.

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Guest Charlie The Tramp
British household debt is now equal to the total amount owed by Africa, Asia and Latin America to international banks and through loans from other countries.

;)

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I'm amazed that B O E and Mervyn King seem to have completely skirted the money supply issue. There is some waffle about shift in demand to more liquid asset types. But HPI has never been factored into the inflation figures. So can a transfer of wealth from the housing market to other assets really go unnoticed in inflation accounting? Only if you start to include property prices in the inflation figures henceforth at current levels and conveniently ignore the rampant HPI of the last decade.

Maybe I'm waffling now.... need more coffee.

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So what's that a head (for every man woman and child)? About £20,000?

Less than an average salary. There's still a while to go to get it up to that 3.5 income multiple. :lol:

Let's not forget that the money is not 'owed by' people in a vacuum. It's also 'owed to' people at the same time. There's a lot of wealthy people out there getting a nice chunk of interest on that £1,158bn.

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So we can assume if the current monetry policy is continued 9 years from now the national debt will be approx 2.316 billion pounds!

Who in their right mind would vote for the current imbociles governing this country they are not fit to serve a fillet steak.

I have said it a thousand times here Labour are not capable of managing the fiscal policy of a nation they are a party which falsley portreys itself as a peoples party the same people it pillages from....when will people wake up and smell the coffee no one really benefits form rampant HPI and a false economy!

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Lets start a humanitarian campaign to cancel personal debt!

A concert in Hyde Park will make a good start...

Or a Fight Club campaign to delete all the banks' personal data... I know, I'm breaking the first rule :ph34r:

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But why bother when personal debt is so easily cancelled these days anyway?

Of course if people don't pay their debts, that leads to higher interest rates for those who do.

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Of course you do, you'd be the prime beneficiary, you're the Western equivalent of the African kid without any shoes.

When it's all over we can send him on a govt sponsored how-to-fish training course :P

Gosh this is silly.

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There is already one in place.

Those Who Will Have Their Debts Cancelled Today

You forgot the debtor's petitions at each and every county/combined court across our fair realm.

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I dont understand how bankruptcy works but the impression i have been given is you rack up tons of debt, then go bankrupt for a year and start racking up some more?

How does it work? Are people really allowed to borrow as much as they want, declare themselves bankrupt and then carry on their life without paying back any of that money? Even if they were never allowed to borrow money again, it's still a damn good deal? Please correct me where i am wrong??

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I dont understand how bankruptcy works but the impression i have been given is you rack up tons of debt, then go bankrupt for a year and start racking up some more?

How does it work? Are people really allowed to borrow as much as they want, declare themselves bankrupt and then carry on their life without paying back any of that money? Even if they were never allowed to borrow money again, it's still a damn good deal? Please correct me where i am wrong??

I don't know if that's how it works, but here's how it *will* work...

http://dailyreckoning.co.uk/article/baddebts_debtbubble.html

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Guest Charlie The Tramp

Quite a long list that..... :o

Click on the link everyday for the daily petitions and remember they are just for the Central Bankruptcy Court in London only. There are 181 Law and County Courts In England and Wales all dealing with bankruptcy petitions. :(

You forgot the debtor's petitions at each and every county/combined court across our fair realm.

No I have mentioned this is another thread.

http://www.housepricecrash.co.uk/forum/ind...20entry297612

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Or a Fight Club campaign to delete all the banks' personal data... I know, I'm breaking the first rule :ph34r:

A 'Tight Club' would be appropriate, with frugal advice & anecdotes to stop folks being brainwashed & indebted by buying into a hollow consumerist fantasy.

The first rule of Tight Club is tell who you like so long as it does not cost anything. :)

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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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