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Irish And Spanish Indebtedness Per Head

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The UK has a personal indebtedness of £1.2 trillion, being £20,000 per person and £41,666 per employed person.

Does anyone have the comparative stats for Ireland and Spain?

Thanks

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That would be very similiar numbers for working people (not adjusting for currency)

£85Billion / 2 million working people = E42500 per person

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Ireland has a working population of just under 2 million.

http://www.fedee.com/celtictiger.shtml

Personal debt was Euro 85B in 2004

http://www.centralbank.ie/data/QrtBullFile...n%20ireland.pdf

So approximately £29,310 per employed person. Hasn't exceeded the UK but I guess the average wage must be lower.

But I guess also that is based on the 2004 figure. The UK figures are based on the latest stats.

Edited by newbie

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So approximately £29,310 per employed person. Hasn't exceeded the UK but I guess the average wage must be lower.

But I guess also that is based on the 2004 figure. The UK figures are based on the latest stats.

Average wage Eur32Kish I think. So not much out of line with UK wage figures adjusted for currency.

I wonder if the discrepancy in debt figures could be explained by Ireland's odd demographics. Lots of emigration has skewed them in weird ways.

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Average wage in Ireland in 2004 was EUR38,140 or £26,300

http://www.state.gov/e/eb/ifd/2005/42063.htm

So debt level per worker is about 1.11 times the average wage.

The UK average wage is £22,000 for 2005. http://www.statistics.gov.uk/downloads/the...5/Table1_1a.xls

So the level of debt per worker is much higher at nearly 2 times the average wage.

I guess one must also take the taxation burden and cost of living into account.

UK seems to be in more danger but as a larger economy it might be able to deal with the problem better. Only time will tell.

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38K seems higher than other figures I've heard. Bear in mind that says 'compensation' so might include value of non-base-salary stuff like VHI and pension contributions.

The lower debt levels might be explained by lower student debt levels, the average student here gets by either with a grant or help from parents, plus part time jobs.

I guess one must also take the taxation burden and cost of living into account.

Tax burden wise - higher rate of tax (42%) kicks in at Eur32K for single person no kids. Below that tax rate is very roughly 25% after the first 10K, if you include PRSI.

Cost of living - think most things like food, clothes, electronics etc cost broadly similar amounts or a bit more here, petrol is a bit cheaper here (currently about Eur1.06 per litre) but car costs in general are higher, no council tax or water rates (but bin charges circa 500p/a depending on location), however you'll pay Eur50 to see a GP or dentist and pay full whack for prescription drugs unless you are dirt poor and can qualify for a medical card.

And of course most importantly the cost of a pint is approaching a shocking Eur5.00 in Dublin :)

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Sorry if this has been posted elsewhere before, but this article is very relevant to the discussion.

http://www.timesonline.co.uk/article/0,,2095-2024754,00.html

Existing private-sector credit is now just fractionally short of twice the level of gross national product (GNP) in this country, and growing at a rate of close to 30% year on year. If this process continues private- sector credit will hit €340 billion by the end of this year and €450 billion by the end of 2007.

When you wave those statistics in front of "expert" economists like Dan McLaughlin (Bank of Ireland) or Austin Hughes (IIB), they will tell you that those debt levels are ok, because they are mainly "asset backed".

:rolleyes:

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Sorry if this has been posted elsewhere before, but this article is very relevant to the discussion.

http://www.timesonline.co.uk/article/0,,2095-2024754,00.html

When you wave those statistics in front of "expert" economists like Dan McLaughlin (Bank of Ireland) or Austin Hughes (IIB), they will tell you that those debt levels are ok, because they are mainly "asset backed".

:rolleyes:

I foresee a tribunal on this in about 10 years time. I propose it be called the Lying Thieving Gobsheens Tribunal on Mortgages and Planning. I'm getting sick of boring names like Flood and Moriarty.

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Sorry if this has been posted elsewhere before, but this article is very relevant to the discussion.

http://www.timesonline.co.uk/article/0,,2095-2024754,00.html

When you wave those statistics in front of "expert" economists like Dan McLaughlin (Bank of Ireland) or Austin Hughes (IIB), they will tell you that those debt levels are ok, because they are mainly "asset backed".

:rolleyes:

That is scary. Talk about pulling yourself up by your bootstraps. Overinflate the price of an asset then use it as security for further borrowings. Doesn't sound very prudent to me. But then again I'm not an economist. It probably makes perfect sense to them on their models.

38K seems higher than other figures I've heard. Bear in mind that says 'compensation' so might include value of non-base-salary stuff like VHI and pension contributions.

The lower debt levels might be explained by lower student debt levels, the average student here gets by either with a grant or help from parents, plus part time jobs.

Tax burden wise - higher rate of tax (42%) kicks in at Eur32K for single person no kids. Below that tax rate is very roughly 25% after the first 10K, if you include PRSI.

Cost of living - think most things like food, clothes, electronics etc cost broadly similar amounts or a bit more here, petrol is a bit cheaper here (currently about Eur1.06 per litre) but car costs in general are higher, no council tax or water rates (but bin charges circa 500p/a depending on location), however you'll pay Eur50 to see a GP or dentist and pay full whack for prescription drugs unless you are dirt poor and can qualify for a medical card.

And of course most importantly the cost of a pint is approaching a shocking Eur5.00 in Dublin :)

Nearly £3.5 for a pint is shocking. Even for London.

I didn't realise that Ireland has become so expensive. It must really be affecting competitiveness. Cheaper to set something up in, say, the North of England or Scotland, if you want an English speaking workforce based in Europe.

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I didn't realise that Ireland has become so expensive. It must really be affecting competitiveness. Cheaper to set something up in, say, the North of England or Scotland, if you want an English speaking workforce based in Europe.

http://www.finfacts.com/costofliving.htm

London is 3, Dublin is number 13 (in the world).

Dublin is more expensive to live in than anywhere in the UK bar London, and it isn't far behind London.

For a city only 1/8 the size it's pretty shocking alright.

Not a cheap place anymore at all.

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I didn't realise that Ireland has become so expensive. It must really be affecting competitiveness. Cheaper to set something up in, say, the North of England or Scotland, if you want an English speaking workforce based in Europe.

Yeah thats the problem allright :lol:

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  • 337 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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