Eu's Disciplinary Action On Britain Over Budget Deficit

[crash2006]

European Union finance ministers have voted to condemn Britain for flagrant breach of the Maastricht spending rules, irked that the UK government has not even tried to keep its budget deficit below the treaty limit of 3pc of national income.

By its own admission, Labour will need to borrow at least 3.2pc of GDP this year, even if the economy holds up well. Brussels described this as "prima facie evidence of a planned excessive deficit". It warned that UK public finances were no longer on a sustainable course after the spending blitz of recent years.

http://www.telegraph.co.uk/money/main.jhtm.../09/cneu109.xml

seems like everyones telling the uk shape up or your alone.

[thod]

Every labor government seems to overspend and end up leaving office with the country bankrupt. So the pound will plummet and all those imports will give us high price inflation. The only way to stop it is to raise interest rates and bankrupt the debtors leading to even less economic activity. Then outside money comes in and buys everything up.

[Justice]

Then outside money comes in and buys everything up.

Your right.

I pulled out of UK property and put my money in european property and now looks like it's time to think about selling ready to buy at bargin basement prices in the UK in about two years time.

tiss also nice seeing the pound going down against the euro and will make me a tidy sum when i convert back to pounds.

people that talk about the euro going bang need to look in the mirrow and understand the drag the USD is having on the pound.

[council dweller]

Yesterday they were talking about recession, now it's a 'severe recession.' Many people are and will get caught out by the rapid pace of the unravelling of our economy. I lived in Japan from 1989 to 2004 and at no time did it slow at such a fast pace.

Time for a bit of controlled panicking?

[crash2006]

i had too much crap about the euro 2 years ago on these forums, however i do see the pound getting stronger this summer. Who ever changed it 1.52 to the euro should be laughing now, but in the long run i do see the euro getting strong 90 cents for each £1 , that most likely around 6 years time.

Edited July 9, 2008 by crash2006

[papag]

i had too much crap about the euro 2 years ago on these forums, however i do see the pound getting stronger this summer. Who ever changed it 1.52 to the euro should be laughing now, but in the long run i do see the euro getting strong 90 cents for each £1 , that most likely around 6 years time.

75k @ 1.485

[Guest Mr Parry]

Yesterday they were talking about recession, now it's a 'severe recession.' Many people are and will get caught out by the rapid pace of the unravelling of our economy. I lived in Japan from 1989 to 2004 and at no time did it slow at such a fast pace.

Time for a bit of controlled panicking?

Time to come back East, CD.

[crash2006]

75k @ 1.485

do forget the interest gain in euros v the interest gain in pound minus that to the % gain/lose of the echange and it gives you your overall % gain/loss, in this context its a gain.

[council dweller]

Time to come back East, CD.

Not quite yet. I wouldn't want to give up my ring-side seat for what I believe will be an epic collapse. I returned here 4 years ago with wife and 2 suitcases (and 3 cats).At any time I can schlep down to Heathrow and go back. (just 1 cat now though)